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Questions and Answers
What is the terminal status of an invoice?
What is the terminal status of an invoice?
- Open
- Draft
- Paid (correct)
- Uncollectible
What is the effect of voiding an invoice?
What is the effect of voiding an invoice?
- It is no longer editable
- It is no longer visible
- It is canceled (correct)
- It is marked as uncollectible
What is the best way to delete an invoice?
What is the best way to delete an invoice?
- Mark it as uncollectible
- Mark it as void
- Mark it as paid
- Delete the draft invoice (correct)
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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.
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