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Questions and Answers

What is the automatic collection workflow in Stripe Invoicing?

  • The process of sending email receipts to customers for paid invoices
  • The process of deleting draft invoices
  • The process of invoices moving through different statuses from creation to payment (correct)
  • The process of creating customers and products and prices to facilitate future transactions

What happens to draft invoices in Stripe Invoicing?

  • They are deleted automatically
  • They remain editable and unsent (correct)
  • They are automatically sent to the customer for payment
  • They become uneditable and sent to the customer for payment

What is the terminal status for paid invoices in Stripe Invoicing?

  • Uncollectible
  • Paid (correct)
  • Open
  • Voided

What is the purpose of voiding an invoice in Stripe Invoicing?

<p>To maintain a paper trail and allow you to look up the invoice by number (D)</p> Signup and view all the answers

When can you delete an invoice in Stripe Invoicing?

<p>You can delete a draft invoice at any time (A)</p> Signup and view all the answers

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Study Notes

Automatic Collection Workflow in Stripe Invoicing

  • Automatic collection allows businesses to automatically charge customers for invoices when they are due.
  • Customers are notified about upcoming invoices and charges via email.
  • The workflow can include automatic retrying of failed payments based on defined schedules.

Draft Invoices in Stripe Invoicing

  • Draft invoices are not sent to customers until they are finalized.
  • Users can edit draft invoices before sending them.
  • Draft invoices can be converted into final invoices, which initiate the payment process.

Terminal Status for Paid Invoices

  • The terminal status for paid invoices is “paid.”
  • Once an invoice reaches a paid status, it indicates that the customer has settled the invoice amount.

Purpose of Voiding an Invoice

  • Voiding an invoice effectively cancels it, eliminating the payment obligation.
  • The voided invoice remains in the system for record-keeping but cannot be paid.
  • This action serves to correct errors in previously issued invoices.

Deleting an Invoice in Stripe Invoicing

  • Invoices can only be deleted if they are in draft status.
  • Once an invoice is finalized or sent to the customer, it cannot be deleted.
  • This helps maintain a clear and accurate financial record.

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