Question

Customers and suppliers are the foundation of the data that will be processed in your accounting system. Identify and discuss at least three (3) things you can do to ensure that processing customer and supplier transactions are handled efficiently and effectively in QuickBooks. Justify your response. Briefly describe the difference between a supplier and a vendor.

Answer 1

Numerous steps that can be taken to ensure secure and accurate handling of consumer and supplier transactions in QuickBooks.

1. Holding up-to - date customer and supplier profiles to ensure timely receipt and distribution of stock and balance checks.

2. Set daily / monthly objectives and delegate individual roles to reach the same goals.

3. Reconciling an individual's account balance in our books with the account balance in that person's books.

The difference between supplier and vendor are-

Vendor: person or business supplying the end consumers with products. Vendors purchase their goods from vendors known as third parties. They finally come in the path of the supply chain. The activities are B2C. The goods are intended for end use by the clients.

Supplier: Responsible for providing the retailer with the goods. It represents the first and foremost link in the supply chain process. In fact the transactions are B2B. The goods are intended for resale.

I hope this helps.