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William1965
August 28, 2020
Solved

Vendor Name and Company Name

  • August 28, 2020
  • 2 replies
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I am new to Quickbooks.  I am filling out the vendor information. There is a field for "Vendor Name" and then there is also a field for "Company Name."
What is the difference? Is there some sort of "best practice" as to what information to put in these fields?
Thank you!
    Best answer by BigRedConsulting

    There may not be a difference.  This is just like the customer list.

     

    It depends on the vendor and how you work with them.  E.g. for a sole proprietor you might know them by their personal name, but then also want to enter their legal name in the company name field, perhaps for tax reasons to issue a 1099.

     

    For example, in my company I use my customer's personal name as the customer name and so the Company name is usually different, and the FML fields are more or less the same as the customer name.

    2 replies

    BigRedConsulting
    BigRedConsultingAnswer
    August 28, 2020

    There may not be a difference.  This is just like the customer list.

     

    It depends on the vendor and how you work with them.  E.g. for a sole proprietor you might know them by their personal name, but then also want to enter their legal name in the company name field, perhaps for tax reasons to issue a 1099.

     

    For example, in my company I use my customer's personal name as the customer name and so the Company name is usually different, and the FML fields are more or less the same as the customer name.

      W
      William1965Author
      August 31, 2020

      Thank you Big Red Consulting, I will use it in this manner also.

      Thank you again and have a great day!!

      William

      LeahC11
      LeahC11
      October 15, 2024

      The Vendor Name is what QB will use to generate the 1099's at year end. 

      The Company name is only helpful when a search is performed. 

       

      The problem we run into is when the Line 1 on the W9 is a different name than the Customer Name. 

       

      Example: Line 1 on the W9 is listed as Joe Smith

      Line 2 of their W9 lists Concrete Solutions.

       

      Their invoices are all under Concrete Solutions - 

      If you enter Concrete Solutions as the 1099 name, the IRS will kick it back because it's Joe Smith. 

       

      BUT, if you enter Joe Smith as the Vendor Name in QB (correctly, because they're the 1099 recipient), then try to enter a bill under Concrete Solutions, it will try to create a NEW Vendor - bad juju to be sure. I am at a loss as to how to enter a bill if I don't know what the name on their W9 is. 

      R
      Rasa-LilaM
      October 15, 2024

      As you've mentioned, we'll have to manually find the vendor's name (different from the company) and enter it to the bill, LeahC. We strive to consistently provide a product that our customers can count on for their business, making their experience with QuickBooks Desktop (QBDT) even better, especially in the process of creating bills. Let's send feedback about incorporating a feature that will display both the vendor and company names when creating a bill. 


      Your input will guide our engineers on which area in QBDT needs further enhancements or features to be added. Follow these steps to share your product suggestion:

       

      1. In your company file, navigate to the Help menu at the top bar to select Send Feedback Online and Product Suggestion.
      2. In the QuickBooks Feedback window, click the Type of Feedback drop-down to select Product Suggestion.
      3. Pick the Product Area from the drop-down and enter your suggestions in the field box.
      4. Fill in the remaining fields.
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      Explore the QuickBooks Blog to stay informed about the latest innovations, product news, and resources to help your business thrive. Moreover, this link will guide you on how to handle your payables: Pay bills in QuickBooks Desktop.


      QBDT provides numerous built-in vendor reports that give insights into your company's expenses and accounts payable. Additionally, you have the option to tailor them fit your specific business requirements.

       

      Visit the Community again if you need further assistance navigating QBDT or have other accounting-related concerns or questions. We'll get back to you and ensure you're well taken care of. 

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