Invoice Status Quiz
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Questions and Answers

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?

  • 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?

  • Two
  • Three
  • Four
  • Five (correct)
  • 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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    Description

    Test your knowledge on the lifecycle of an invoice, including its statuses, finalization, and deletion. Learn about the implications of different statuses such as paid, voided, and uncollectible on the invoice's handling and reporting.

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