QuickBooks is based on four key concepts: Customers, Vendors, Items, and
Accounts. If you take two minutes now to understand these basic concepts,
you'll be able to get started quickly and correctly with your company
Customer: A customer is anyone who pays you. This can mean
patients, donors, members, legal or consulting clients, or a typical retail
Vendor: A vendor is anyone you pay, except for employees.
This can mean subcontractors, utility companies, your landlord, tax agencies,
Item: An item is anything you want to put on an invoice.
This includes parts, services, labor, discounts, and taxes.
Account: There are two types of accounts—real world
accounts, such as checking accounts, and income and expense accounts
(synonymous with categories in Quicken) that you use to group transactions for
reporting purposes. For example you may want to create expense accounts to
track office supply purchases separately from advertising costs. All accounts
are listed on your chart of accounts.