Notes payable: Debts owed to banks or other creditors based on written agreements
- Reported on balance sheet as short-term liability (owed in one year or less) and long-term (owed in one year or more)
- Rate of interest and terms specified in lending document
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Recommended Tools
One of your top priorities as a small business owner is keeping a close eye on the money you bring in and pay out, which is why it’s critical to have the right accounting software. You need a program that helps you accomplish your daily accounting tasks. Here are our best picks for tools we recommend and use.
