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Questions and Answers
What is the purpose of the draft status for invoices in Stripe?
What is the purpose of the draft status for invoices in Stripe?
- To indicate that the invoice is awaiting payment (correct)
- To indicate that the invoice has been paid
- To indicate that the invoice is uncollectible
- To indicate that the invoice has been voided
What happens to paid invoices in Stripe?
What happens to paid invoices in Stripe?
- They go through a lifecycle of draft, open, paid, voided, and uncollectible
- They can still be edited
- They can be voided
- They are terminal and cannot change status (correct)
How does Stripe handle uncollectible invoices?
How does Stripe handle uncollectible invoices?
- They are deleted
- They are used for bad debt accounting (correct)
- They maintain a paper trail but are zero-value and not payable
- They are automatically charged to the customer
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Study Notes
- Stripe has an automatic collection workflow for invoices.
- Customers and products/prices need to be set up before creating invoices.
- Stripe offers both Dashboard and API for invoicing.
- Invoices go through a lifecycle of draft, open, paid, voided, and uncollectible.
- Draft invoices are editable and unsent, open invoices are awaiting payment.
- Paid invoices are terminal and cannot change status.
- Voided invoices maintain a paper trail but are zero-value and not payable.
- Uncollectible invoices are for when customers can't pay and are used for bad debt accounting.
- Invoices can be deleted at any time if they are still in draft status.
- Stripe can automatically charge customers shortly after generating an invoice.
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