Notes Payable
Starting Balances > Other Liabilities
Notes Payable Starting Balances
Notes payable are long-term liabilities that indicate the money a company owes its financiers—banks and other financial institutions as well as other sources of funds such as friends and family. They are long-term because they are payable beyond 12 months.
Notes Payable are normally setup as a Special Control Account.
For Information about Special Control Accounts
Example Setup and Starting Balance for a Note Payable Special Account