An invoice has an invoice date (the day it was issued) and a due date (the day it's supposed to be paid).

In the normal world, an invoice is static. If you create an invoice, it doesn't care if it's overdue and unpaid. A normal invoice is just a number in your accounting system, saying that a customer is supposed to owe you something.

Flows

In Likvido, this is different. In Likvido, we consider an invoice to have a lifecycle with the following 3 flows:

• Invoice flow
• Reminder flow
• Debt collection

When you create a new invoice in Likvido, this enters an invoice flow. The invoice flow means Likvido is sending out the invoice with a friendly message to the customer, just like sending out the invoice from the accounting system.

However, if an invoice becomes overdue, the invoice can be assigned a reminder flow. A reminder flow is a series of messages to the customer that you can automate in Likvido.

If the customer is not paying after your reminder flow, it can be assigned to debt collection. Debt collection is very different from invoice and reminder flow, as 'Likvido Inkasso' is the sender. That means all letters/e-mails/SMS is not sent in your name but from our debt collection agency.

States

While the flow explains the high-level lifecycle of the invoice, the state gives more details. An example of 'State' could be Paused. An invoice can be paused in both the reminder flow or during debt collection. The state will in both scenarios be 'Paused,' but the flows are different.

There are more than 20 states in Likvido, but here are some of the most common ones:

• Done. If an invoice has been paid or pulled back, it's "closed" in Likvido.
• Paused. If a campaign has been paused, the state will be 'paused.'
• Pending accept. If an invoice becomes overdue and your Likvido account is set up to 'Ask for permission' to start a reminder low, the invoice gets the state 'Pending accept'. The same state is used if the invoice is not paid after a reminder flow, and we ask 'Ask for permission' to startup collection.
• Active ('Invoice', 'Reminder', 'Collection'). If an invoice is running as it should (ie, a reminder flow is running actively as it should), the state will be 'Active'.