3 Questions
What is the status of an invoice after it is finalized?
Open
When can you void an invoice?
When it is uncollectible
What is the consequence of an invoice being marked as uncollectible?
It is written off
Study Notes
- An invoice moves through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, send it, or mark it as paid.
- An invoice remains in the paid status until it's paid or voided.
- Voided invoices are treated as zero-value for reporting purposes.
- You can only void invoices when they're open or uncollectible.
- Uncollectible invoices are written off and become unaccessible.
Test your knowledge of invoice statuses and their implications with this quiz. From draft to uncollectible, learn about the lifecycle of an invoice and the actions associated with each status.
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