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Questions and Answers
What is the status of an invoice after it is finalized?
What is the status of an invoice after it is finalized?
- Draft
- Open (correct)
- Paid
- Voided
When can you void an invoice?
When can you void an invoice?
- When it is open
- When it is paid
- When it is voided
- When it is uncollectible (correct)
What is the consequence of an invoice being marked as uncollectible?
What is the consequence of an invoice being marked as uncollectible?
- It is written off (correct)
- It is treated as zero-value
- It is sent
- It is finalized
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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.
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