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Questions and Answers
What happens to paid invoices?
What happens to paid invoices?
- They can be finalized
- They can be deleted
- They take on another status (correct)
- They are treated as zero-value
What is the purpose of voiding an invoice?
What is the purpose of voiding an invoice?
- To delete it
- To maintain a paper trail (correct)
- To look up the invoice by number
- To finalize it
How many statuses does an invoice move through?
How many statuses does an invoice move through?
- Two
- Three
- Four
- Five (correct)
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Study Notes
- An invoice moves through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, or delete it.
- Paid invoices are terminal and can never take on another status.
- Voided invoices are conceptually similar to deleting (canceling) them. However, voiding an invoice maintains a paper trail, which allows you to look up the invoice by number.
- Uncollectible invoices are treated as zero-value for reporting purposes.
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