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Questions and Answers
What is the status of an invoice after a customer pays for it?
What is the purpose of voiding an invoice?
When can an invoice be voided?
Study Notes
- An invoice moves through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, send it, or mark it as paid.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are treated as zero-value for reporting purposes.
- You can only void invoices when they’re open or uncollectible.
- Uncollectible invoices are written off and become unreadable.
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Description
Test your knowledge on the lifecycle of invoices and their statuses, including draft, open, paid, voided, and uncollectible. Learn about finalizing, sending, and marking invoices as paid. Explore how voided and uncollectible invoices are handled.
