The object that represents your relationship with any one Vendor or Customer is called an Account
Keeping track of the Accounts is called Accounting
Vendors
Business
Customers
Accounts Payable: AP
Accounts Receivable: AR
Contract
Contract
In many cases formal accounts are set up through a Contract, a Document that describes Terms and what each party is responsible for
Vendor 1- Account 1
Vendor 2- Account 2
Vendor 1- Account 1
Vendor 3- Account 3
Vendor 4- Account 4
Vendor 1- Account 1
Customer 2- Account B
Customer 1- Account A
Customer 3- Account C
Customer 4- Account D