Accounting balance sheet

They are ( Note or Accounts ) usually a short-term items and be classified as Current Assets or Current Liabilities in the Balance Sheet. Accounts Receivable or Payables are good example of short-term issues.
However, if the period for receivables or payables, usually for notes, are more than 1 year from the Balance Sheet, then that portion will then be classified under Non-Current Assets or liabilities where appropriate. For example, if the notes payable is $100 of which $30 is to be payable within a year and the rest $70 in a later period, the presentation in the Balance Sheet will be.

Current Liabilities:
Notes payable $30
Non-current Liabilities
Notes Payable $70

So, it is not the terms notes or accounts that matter but the timing of settlements within a year or not so as to classified them as a short-term or long-term issues..

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