3 Questions
What is the terminal status of an invoice?
Paid
What is the effect of voiding an invoice?
It is canceled
What is the best way to delete an invoice?
Delete the draft invoice
Study Notes
- Invoices move through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but remain unsent.
- Paid invoices are terminal and can never take on another status.
- Voided invoices are conceptually similar to deleting (canceling) them.
- Uncollectible invoices are cases where the customer will not be able to pay the outstanding balance.
- You can mark an invoice as paid, void, or uncollectible.
- You can delete a draft invoice at any time.
Test your knowledge of invoice statuses and their implications, including draft, open, paid, voided, and uncollectible statuses. Understand the actions that can be taken with each status, such as marking invoices as paid, void, or uncollectible.
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