Question

Examine the customer and vendor functions in QuickBooks. Use one (1) scenario or example to explain a feature or function that will help you make better management decisions in regard to customers and vendors.

Answer 1

1. Vendors –
   1. The vendors function is primarily used by most businesses for the sole purpose of the Enter Bills & Pay Bills function along with Vendor Center.
   2. It can be done in QuickBooks but it requires too much work on the user end to keep updated and correct
   3. This function is associated with Accounts Payable (A/P) because it's money owed to an existing party and is counted as a liability on your balance sheet.
   4. Examples : - Include Purchase Orders, Receive Inventory and the subsequent Enter Bills Against Inventory.
2. Customers –
   1. This is where Accounts Receivable works or better known as A/R. Most of the functions in Customers are quite useful.
   2. Customer for any kind of business the most important factor. Vendor or salesman are using that section for keeping records and generate sales after generating sales they are printing receipts from customer section.
   3. Examples : - Include sales Order, Receive Sales invoices and its printing.