Payees can be renamed using the Rename Payee utility. When renaming a payee, you can optionally modify all of the existing transactions in the software as well.
To rename a payee
Note: If the Payee will be included on a 1099 in the future, you must select the Modify existing transactions check box. If this check box is not selected, previously entered transactions will not be included in the payee’s 1099 information.