It is, and unnecessary if you are not buying on credit from suppliers or selling on credit to customers. But suppliers and customers are subsidiary ledgers under Accounts payable and Accounts receivable. There is no connection to the payee on a payment or the payer on a receipt. This is already in the ideas category: Improvement to payment and receipt forms.
Until and unless that improvement is made, you can search the Receipts & Payments tab for a name, then export the result to a spreadsheet. As you gain experience with the program, you may decide that the extra step of the invoice, whether purchasing or selling, is worth it because of all the reports that are opened up when using defined customers and suppliers. There are also many useful reports for sales invoices.
Honestly, the design mentality of the program is that if you are doing business with someone on a cash basis (non-credit), you probably won’t need to be tracking your history with them.