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Notes Payable Definition Difference Between Note Payable amp Account Payable
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http://youtube.com/watch?v=iRl9ZjCsqu8
In this video on Notes Payable, here we discuss what is note payable along with its difference between note payable and account payable. • 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐍𝐨𝐭𝐞𝐬 𝐏𝐚𝐲𝐚𝐛𝐥𝐞? • --------------------------------------------- • Notes Payable is a promissory note.This promissory note is offered for an agreement between these two by the lender to the borrower. • 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐍𝐨𝐭𝐞 𝐏𝐚𝐲𝐚𝐛𝐥𝐞 𝐚𝐧𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐏𝐚𝐲𝐚𝐛𝐥𝐞 • -------------------------------------------------------------------------------------------------- • Usually, both payable notes and payable accounts serve one purpose. It forces customers to pay off the loaned amount. But notes payable and accounts payable are not the same. • They have many differences. Here are the major ones – • #1 - Promissory Note • The notes payable is a promissory note from the lender by the borrower. But there is no promissory note involved in of accounts payable. • #2 - Interest Rate • In accounts payable, the customer doesn’t need to pay any interest. Whereas, in notes payable, the customer needs to pay interest and it is decided by the lender. • #3 - Penalty • In notes payable, the interest will increase if the customer delays the payment. Whereas, in accounts payable, if the customer delays the payment, a penalty amount is added to the amount loaned. • #4 - Extension • Notes payable is an extension of accounts payable. • To know more about 𝐍𝐨𝐭𝐞𝐬 𝐏𝐚𝐲𝐚𝐛𝐥𝐞, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- • https://www.wallstreetmojo.com/notes-... • Subscribe to our channel to get new updated videos. Click the button above to subscribe or click on the link below to subscribe - / @wallstreetmojo
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