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What is a vendor vs a customer?

 
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Best answer 10-15-2018

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A vendor is who you purchase from. A customer is who you...

A vendor is who you purchase from.

A customer is who you sell to.
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A vendor is who you purchase from. A customer is who you...

A vendor is who you purchase from.

A customer is who you sell to.
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So, would an insurance company still be a vendor when you...

So, would an insurance company still be a vendor when you receive proceeds from them?  What about your bank or brokerage firm, your employer and the IRS?  What names would go in the "Other Names" list?
Senior Explorer *

Re: So, would an insurance company still be a vendor when you...

Yes, your insurance company is a vendor even though you may get a refund from them.

I find it is best to rarely use 'other names'. About the only instance would be a shareholder or officer.

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Re: A vendor is who you purchase from. A customer is who you...

how do you account for a Vendor who also purchases your products? IF you sell to screen printers who also sell your retail goods how would you bill them for the goods they buy, AND pay them for the work they do? QB will not let you enter a new vendor  who is already a customer. 

Moderator

Re: A vendor is who you purchase from. A customer is who you...

Hi there, SooSacks.

 

To do this, you can either use a Bill or an Expense transaction. A bill is used when you pay the supplier on a later time. Use expense when you pay your supplier right away.

 

Also, there's a way to enter a new vendor who is already your customer. You can add other characters to their name to make it slightly different.

 

For example, if the customer's name is Abbie Marge, you can enter the supplier's name as Abbie V Marge. This way, QBO will let you have a vendor and customer with the same person.

 

I've added a sample screenshots for you:

Customer:

AB.PNG Vendor:

ABB.PNG

 

I've added an article about: How to record a barter transaction.

 

Just tap on me whenever you need help with the vendors account.

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