Invoice Status Quiz
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Questions and Answers

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?

  • Draft
  • Uncollectible
  • Pending
  • Paid (correct)
  • 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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    Test your knowledge about invoice statuses and their management, including voiding and payment processes.

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