In some unspecified time in the future or one other, chances are you'll flip to a lender to borrow funds and have to finally repay them. And when that occurs, notes payable come into play. Be taught all about notes payable in accounting and recording notes payable in your corporation’s books. Notes payable definition What are notes payable, precisely? What kind of account is notes payable? Is notes payable a legal responsibility? Notes payable is a legal responsibility account that’s a part of the basic ledger. Companies use this account of their books to report their written guarantees to repay lenders. Likewise, lenders report the enterprise’s written promise to pay again funds of their notes receivable.  When you create a notice payable