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Questions and Answers
How many statuses does an invoice go through?
How many statuses does an invoice go through?
- 3
- 4
- 5 (correct)
- 6
What happens to an invoice if the amount due is less than the minimum chargeable amount?
What happens to an invoice if the amount due is less than the minimum chargeable amount?
- It transitions to a paid status (correct)
- It transitions to a voided status
- It transitions to an open status
- It transitions to an uncollectible status
When can you void an invoice?
When can you void an invoice?
- When it's open (correct)
- When it's paid
- When it's uncollectible
- When it's draft
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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.
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