Difference between Party and Customer

PARTY	CUSTOMER
Prospective Customer and more relevant for CRM Purposes	A Customer which is used both in CRM as well as in OM, Financials or any other module Example (A Sales Order in OM or Invoice in Receivables cannot be created without creating a Customer record for the Party).
No Business Transactions involved (Sales Order, Sales Invoice, Debit Memo, Credit Memo, Receipt etc.,)	A Business Transaction like a Sales Order, Invoice, Debit Memo, Credit Memo,Receipt can be created.
A Party does not have account but have Sites	A Customer will have account and as well as Sites.
A Party can exist without Customer Record	A Party record is must to create a Customer Record linked through party_id.
A Party Record will not have record in following tables     HZ_CUST_ACCOUNTS     HZ_CUST_ACCT_SITES_ALL     HZ_CUST_SITE_USES_ALL     HZ_CUST_ACCOUNT_ROLES     HZ_CUST_ACCT_RELATE_ALL	A Customer Record will have records in following tables     HZ_CUST_ACCOUNTS     HZ_CUST_ACCT_SITES_ALL     HZ_CUST_SITE_USES_ALL     HZ_CUST_ACCOUNT_ROLES     HZ_CUST_ACCT_RELATE_ALL      with reference to party_id column.