Yes. Invoices can be generated automatically from Membership and Event Transactions or from Membership Batch Renewals. Keep in mind that invoices are generated automatically, but they are not sent automatically unless you set up an auto reminder for the invoices.

For membership and event transactions, the invoicing option is located on the applicable membership or event page. Create a new page or edit an existing page. 

Proceed to the Membership or Event Settings Tab. 

Under the Financial Information Section, switch Allow Purchaser to Pay Later to "YES." 

Below that switch Automatically Create Invoice if Pay Later to "YES."

Make your other applicable choices and click Save & Next to proceed. Once all the sections and tab are complete and the page is active, an invoice will be generated along with each Pay Later transaction. 

Invoices can also be automatically generated for Batch Renewals. Batch Renewals allow you to renew all your active memberships at once, create an invoice, then send the invoice to complete the renewal. The memberships will be shown as pending until payment is made.

From the main Membership Grid, go to the Actions menu and select Batch Renewal.

A new window will pop up to choose the membership name, level, renewal date, & expiration date. You do not need to identify the payment type if you switch Pay Later to "YES." New fields will appear and you can switch Automatically Generate Invoice to "YES," then choose the online payment page, number of days the invoice is due, and decide whether or not to allow partial payment. Click on Update to schedule the renewal run. Note you will have to do this for each membership and membership level. The renewals will run overnight on the date selected.