Final answer:
The statement is true; custom fields can be created in many business software solutions for tracking additional information on both customers and vendors.
Step-by-step explanation:
The statement that custom fields can be set up to track information on customers as well as vendors is true. Many accounting and customer relationship management (CRM) software solutions offer the functionality to create custom fields. These fields allow businesses to capture and organize additional data that is pertinent to their operations and customer interactions beyond the standard data fields. Custom fields can be used for tracking preferences, purchase history, and various other types of information that a business finds relevant to managing its relationships with both customers and vendors effectively.