Can I use data collected from forms to generate invoices?

There is no automatic way to generate an invoice when the form is submitted with payments. The best way possible is add a form Autoresponder email alert in form.

You can then edit the Autoresponder email template and customize the source HTML to display it as invoice.

Setting up an Autoresponder Email

If you can provide more details of what you require, we'll check for other alternative workaround also.