diff --git a/src/app/(main)/m/admin/invoices/page.tsx b/src/app/(main)/m/admin/invoices/page.tsx
index 3d284fd..29d48d0 100644
--- a/src/app/(main)/m/admin/invoices/page.tsx
+++ b/src/app/(main)/m/admin/invoices/page.tsx
@@ -21,8 +21,8 @@ interface Order {
 interface Customer { USER_ID: string; USER_NAME: string }
 
 const fmt = (n: number) => Number(n || 0).toLocaleString("ko-KR");
+// 계산서 발행 대상 — 입금완료(PAID) 이후만. 출고완료(APPROVED)/출고요청 은 노출 안 함.
 const STATUS_LABEL: Record<string, string> = {
-  APPROVED: "출고완료",
   PAID: "입금완료",
   INVOICED: "계산서발행",
 };
@@ -54,7 +54,8 @@ export default function InvoicesPage() {
       method: "POST", headers: { "Content-Type": "application/json" }, body: JSON.stringify({}),
     });
     const rows = ((await res.json()).RESULTLIST ?? []) as Order[];
-    setAll(rows.filter((o) => ["APPROVED", "PAID", "INVOICED"].includes(o.STATUS)));
+    // 입금완료(PAID) + 계산서발행(INVOICED) 만 표시. 출고완료(APPROVED) 는 발행 대상 아님.
+    setAll(rows.filter((o) => ["PAID", "INVOICED"].includes(o.STATUS)));
   }, []);
 
   useEffect(() => { loadAll(); loadCustomers(); }, [loadAll, loadCustomers]);
@@ -96,8 +97,9 @@ export default function InvoicesPage() {
   }, [list]);
 
   const issue = async () => {
-    const targets = list.filter((o) => selected.has(o.OBJID) && !o.INVOICE_NO);
-    if (targets.length === 0) return Swal.fire({ icon: "warning", title: "발행 대상 없음", text: "이미 발행된 건은 제외됩니다." });
+    // 발행 가능 = 선택됨 + 입금완료(PAID) + 아직 미발행 (INVOICE_NO 없음)
+    const targets = list.filter((o) => selected.has(o.OBJID) && o.STATUS === "PAID" && !o.INVOICE_NO);
+    if (targets.length === 0) return Swal.fire({ icon: "warning", title: "발행 대상 없음", text: "입금완료된 미발행 건만 발행할 수 있습니다." });
     const sum = targets.reduce((a, o) => a + Number(o.TOTAL_AMOUNT), 0);
     const r = await Swal.fire({
       icon: "question",
diff --git a/src/app/api/m/orders/invoice/route.ts b/src/app/api/m/orders/invoice/route.ts
index 3c7d34a..0b6560a 100644
--- a/src/app/api/m/orders/invoice/route.ts
+++ b/src/app/api/m/orders/invoice/route.ts
@@ -22,10 +22,11 @@ export async function POST(req: NextRequest) {
   for (const id of objids) {
     lastNum++;
     const invNo = prefix + String(lastNum).padStart(4, "0");
+    // 계산서 발행은 입금완료(PAID) 건만 허용
     await execute(
       `UPDATE momo_orders
          SET status='INVOICED', invoice_no=$2, invoice_date=CURRENT_DATE, update_date=NOW()
-       WHERE objid=$1 AND status IN ('APPROVED','PAID')`,
+       WHERE objid=$1 AND status = 'PAID'`,
       [id, invNo]
     );
   }