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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)
- Voided
What is the purpose of a voided invoice?
What is the purpose of a voided invoice?
- To delete the invoice
- To edit the invoice
- To mark the invoice as paid
- To maintain a paper trail (correct)
What can you do with a draft invoice?
What can you do with a draft invoice?
- Mark it as uncollectible
- Mark it as paid
- Delete it
- Edit it (correct)
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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.
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