3 Questions
How many statuses does an invoice go through?
5
What happens to an invoice if the amount due is less than the minimum chargeable amount?
It transitions to a paid status
When can you void an invoice?
When it's open
Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- You can finalize an invoice, send it, or mark it as paid.
- If the amount due is less than the minimum chargeable amount, the invoice transitions from an open to a 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.
Test your knowledge of invoice statuses and transitions with this quiz. Explore the different statuses such as draft, open, paid, voided, and uncollectible, and learn about the actions that can be taken for each status.
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