What does vendor mean in quickbooks

As such, vendor data shows the expense that we have to satisfy by paying. As we add the data in the QuickBooks, vendor information can be categorized into geographic locations and also industry type. You can also customize it to add the intended date when the product or service shall be provided.

A vendor transaction shall be a piece of important information for an organization as it analyses the total expense for a quarter or a year. The vendor data shall always reduce the monetary asset a company has. QuickBooks offer customized services to delete a vendor from the list when the organization is no longer in business with you. If there is any duplicate entry, you can still merge them. Customer is a name type added in the Quickbooks that purchases the goods and services provided by the vendor.

It is an entity that can be a person and not an organization. The customer is the party who shall pay for the goods and purchase the same. The purchases made by the customer determines the profit margin of the company. This data is more crucial as any business shall look to offer the best to the customers as customer satisfaction and retention shall be the prime agenda.

Customer shall spend on the goods, unlike the vendor who spends on making the product. Customer data can be customized as we do it in the vendor area as well. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile.

Customize reports. Financial reports. Inventory reports. Memorize reports. Sales reports. Sales and customers. Customer statements. Customize sales forms. Manage customers. Manage payments.

Refunds and credits. Sales transactions. Business calendar and year end. Sales tax. Tax forms. To avoid unintentionally mixing up transactions, the name should be differentiated or tagged. This can be done simply using a middle initial on one list, or tagging the customer account with a know numeral or letter, such as "c" for the customer list or "v" for the vendor list.

Use the edit function to ensure that the name is accurately displayed in the Bill To portion of the customer information field, and the Print On Checks As portion of the vendor information field.

A vendor is issued a MISC form at the end of the tax year, and is often also referred to as an independent contractor. Unlike an employee, who receives a W-2 form at the end of the tax year, and for whom you withhold taxes with each pay period, a vendor is payed regularly with checks, but is responsible for the filing and payment of their own taxes.

To add a vendor, click the "Vendor Center" icon and select the "New Vendor" option in the upper left corner and enter the name, contact information and opening balance, if any, in the spaces provided in the resulting entry fields. Select the "Additional Info" tab and enter the vendor's tax ID number, which they must have furnished.