diff --git a/app/services/invoice/composeInvoice.ts b/app/services/invoice/composeInvoice.ts
index f03c95e..5df0815 100644
--- a/app/services/invoice/composeInvoice.ts
+++ b/app/services/invoice/composeInvoice.ts
@@ -88,6 +88,12 @@ export function composeInvoice({
 
   const paid = (order.displayFinancialStatus || "").toUpperCase() === "PAID";
   const paymentStatus = derivePaymentStatus(order.displayFinancialStatus);
+  // A document only requires payment when it's a regular invoice (not a
+  // storno or an offer) AND money is still actually owed. Refunded and
+  // paid orders both have a 0 outstanding balance — the difference is
+  // just whether the money was kept (`paid`) or returned (`refunded`).
+  const requiresPayment =
+    !storno && !offer && paymentStatus !== "paid" && paymentStatus !== "refunded";
   const paymentGatewayNames = (order.paymentGatewayNames ?? []).filter(
     (n) => typeof n === "string" && n.trim().length > 0,
   );
@@ -132,6 +138,7 @@ export function composeInvoice({
     notices,
     paid,
     paymentStatus,
+    requiresPayment,
     paymentGatewayNames,
     orderName: order.name,
     separateShippingAddress,
diff --git a/app/services/invoice/generateInvoice.server.tsx b/app/services/invoice/generateInvoice.server.tsx
index 5445f99..8633aba 100644
--- a/app/services/invoice/generateInvoice.server.tsx
+++ b/app/services/invoice/generateInvoice.server.tsx
@@ -95,12 +95,15 @@ export async function generateInvoice(
   // Product images for each line (best-effort, parallel, in-process cache).
   await attachLineItemImages(viewModel.lines);
 
-  // GiroCode (only for invoices that are unpaid + IBAN configured + enabled).
+  // GiroCode (only when the invoice is actually outstanding + IBAN
+  // configured + enabled). `requiresPayment` already encodes "regular
+  // invoice AND money still owed" — so paid, refunded, storno and
+  // offer documents all skip QR generation and the PDF stays tidy.
   if (
     kind === "invoice" &&
     settings.giroCodeEnabled &&
     settings.iban &&
-    !viewModel.paid &&
+    viewModel.requiresPayment &&
     viewModel.totals.gross > 0
   ) {
     viewModel.giroCodePngDataUrl = await buildGiroCodeDataUrl({
diff --git a/app/services/invoice/pdf/InvoiceDocument.tsx b/app/services/invoice/pdf/InvoiceDocument.tsx
index b803339..c72095b 100644
--- a/app/services/invoice/pdf/InvoiceDocument.tsx
+++ b/app/services/invoice/pdf/InvoiceDocument.tsx
@@ -446,7 +446,7 @@ export function InvoiceDocument({ invoice }: DocProps) {
           <Text style={[styles.paragraph, { marginTop: 16 }]}>
             {invoice.dueDate ? t.offerValidUntil(formatDate(invoice.dueDate, invoice.language)) : null}
           </Text>
-        ) : !invoice.paid && (
+        ) : invoice.requiresPayment && (
           <Text style={[styles.paragraph, { marginTop: 16 }]}>
             {invoice.dueDate
               ? t.paymentTerms(
@@ -457,7 +457,7 @@ export function InvoiceDocument({ invoice }: DocProps) {
           </Text>
         )}
 
-        {invoice.giroCodePngDataUrl && !invoice.paid && (
+        {invoice.giroCodePngDataUrl && invoice.requiresPayment && (
           <View style={styles.giroBlock}>
             <Image src={invoice.giroCodePngDataUrl} style={styles.giroImage} />
             <View>
diff --git a/app/services/invoice/types.ts b/app/services/invoice/types.ts
index a5b0107..cf4dcef 100644
--- a/app/services/invoice/types.ts
+++ b/app/services/invoice/types.ts
@@ -43,6 +43,20 @@ export interface InvoiceViewModel {
   /** Condensed payment status derived from Shopify's
    *  `displayFinancialStatus`. */
   paymentStatus: PaymentStatus;
+  /**
+   * True when this document represents an *outstanding* request for
+   * money — i.e. the customer still owes the issuer something. False
+   * when the invoice has already been settled (`paid`), the order has
+   * been fully refunded (`refunded`), or the document is structurally
+   * not a payment request (offers, cancellation invoices).
+   *
+   * Drives the GiroCode generation gate, the GiroCode/payment-block
+   * render gate, and the payment-terms paragraph below the items
+   * table. Without this flag a fully refunded order would still be
+   * printed with a SEPA QR code asking the customer to wire the
+   * original total.
+   */
+  requiresPayment: boolean;
   /** Names of the payment gateways used (e.g. ["bogus"], ["manual",
    *  "shopify_payments"]). Empty when unknown / draft. */
   paymentGatewayNames: string[];
diff --git a/scripts/render-sample.ts b/scripts/render-sample.ts
index 8a9c24d..b97b29b 100644
--- a/scripts/render-sample.ts
+++ b/scripts/render-sample.ts
@@ -507,6 +507,61 @@ async function main() {
   assert("storno PDF > 5 KB", stornoBuf.length > 5_000, `actual ${stornoBuf.length}`);
   console.log(`  → wrote ${stornoOut} (${stornoBuf.length} bytes)`);
 
+  // ----------------------------------------------------------------
+  // Refunded order: GiroCode + payment-terms must be suppressed
+  // ----------------------------------------------------------------
+  console.log("• Refunded order (REFUNDED) suppresses GiroCode + payment terms");
+  {
+    const refundedOrder = { ...buildAtB2BOrder(), displayFinancialStatus: "REFUNDED" };
+    const refundedVm = composeInvoice({
+      order: refundedOrder, settings: settings as never, invoiceNumber: "RE-1014",
+    });
+    assertEq("paymentStatus=refunded", refundedVm.paymentStatus, "refunded");
+    assert("requiresPayment=false for refunded", refundedVm.requiresPayment === false);
+    refundedVm.issuer.logoDataUrl = vm.issuer.logoDataUrl;
+    // The orchestrator gates GiroCode generation on requiresPayment too —
+    // simulate that here by NOT attaching giroCodePngDataUrl. The PDF
+    // render-gate must independently refuse to render even if a stale
+    // QR data URL were attached, so set one anyway and verify both
+    // suppression layers.
+    refundedVm.giroCodePngDataUrl = await buildGiroCodeDataUrl({
+      beneficiaryName: settings.companyName,
+      iban: settings.iban,
+      bic: settings.bic,
+      amount: refundedVm.totals.gross,
+      remittance: refundedVm.number,
+    });
+    const refundedText = await pdfToText(await renderInvoicePdf(refundedVm));
+    assert("Refunded PDF does NOT show GiroCode caption",
+      !refundedText.includes("GiroCode"));
+    assert("Refunded PDF does NOT show DE payment terms",
+      !refundedText.includes("Bitte überweise"));
+    assert("Refunded PDF still shows the 'Erstattet' status row",
+      refundedText.includes("Erstattet"));
+  }
+
+  // Same gating must apply to PAID orders.
+  console.log("• Paid order (PAID) suppresses GiroCode + payment terms");
+  {
+    const paidOrder = { ...buildAtB2BOrder(), displayFinancialStatus: "PAID" };
+    const paidVm = composeInvoice({
+      order: paidOrder, settings: settings as never, invoiceNumber: "RE-1015",
+    });
+    assert("requiresPayment=false for paid", paidVm.requiresPayment === false);
+    paidVm.issuer.logoDataUrl = vm.issuer.logoDataUrl;
+    paidVm.giroCodePngDataUrl = await buildGiroCodeDataUrl({
+      beneficiaryName: settings.companyName,
+      iban: settings.iban,
+      bic: settings.bic,
+      amount: paidVm.totals.gross,
+      remittance: paidVm.number,
+    });
+    const paidText = await pdfToText(await renderInvoicePdf(paidVm));
+    assert("Paid PDF does NOT show GiroCode caption", !paidText.includes("GiroCode"));
+    assert("Paid PDF does NOT show DE payment terms", !paidText.includes("Bitte überweise"));
+    assert("Paid PDF shows the 'Bezahlt' status row", paidText.includes("Bezahlt"));
+  }
+
   // ----------------------------------------------------------------
   // Footer note translation
   // ----------------------------------------------------------------