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Questions and Answers
What is the status of an invoice when a customer pays for it?
What is the status of an invoice when a customer pays for it?
- Draft
- Open (correct)
- Voided
- Uncollectible
What is the purpose of voiding an invoice?
What is the purpose of voiding an invoice?
- To finalize the invoice
- To mark it as paid
- To make it zero-value for reporting purposes (correct)
- To write it off
When can an invoice be voided?
When can an invoice be voided?
- When it is draft
- When it is open (correct)
- When it is paid
- When it is uncollectible
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Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, mark it as paid, or void it.
- When a customer pays for an invoice, the invoice moves into the paid status.
- 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.
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