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Questions and Answers
What is an invoice?
What is an invoice?
- A record of a financial transaction between a customer and a merchant (correct)
- A document that records payment for services
- A receipt for goods purchased
- A way to track customer spending
When a customer pays for an invoice, what status does it move into?
When a customer pays for an invoice, what status does it move into?
- Draft
- Uncollectible
- Pending
- Paid (correct)
When can an invoice be voided?
When can an invoice be voided?
- When it's paid
- When it's open (correct)
- When it's draft
- When it's uncollectible
Study Notes
- An invoice is a record of a financial transaction between a customer and a merchant.
- An invoice can have one of five statuses: pending, draft, paid, voided, or uncollectible.
- When a customer pays for an invoice, the invoice moves into the paid status.
- Voided invoices are treated as zero-value for reporting purposes.
- After you void an invoice, the Hosted Invoice Page is still accessible.
- You can only void invoices when they're open or uncollectible.
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Description
Test your knowledge about invoice statuses and their management, including voiding and payment processes.
