3 Questions
What is the terminal status of an invoice?
Paid
What is the purpose of a voided invoice?
To maintain a paper trail
What can you do with a draft invoice?
Edit it
Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but are unsent.
- Paid invoices are terminal and can never take on another status.
- Voided invoices are conceptually similar to deleted invoices, but maintain a paper trail.
- Uncollectible invoices are those for which the customer will not be able to pay.
- You can mark an invoice as paid, voided, or uncollectible.
- You can delete a draft invoice at any time.
Test your knowledge of invoice statuses and their characteristics with this quiz. Learn about draft, open, paid, voided, and uncollectible statuses, including their implications and actions that can be performed on each status.
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