In addition, most states have laws that specifically require a VCPR for a veterinarian to be able to write a prescription. Second, each state's veterinary medical board regulates how prescriptions must be written â specifically, what information must be included on the prescription.
Short Term vs. Long Term. The determining factor of short- and long-term notes receivable is time. Short-term notes are notes due within 12 months or less. If the note is due in more than a year, it's a long-term note. Short-term notes receivable are considered a current asset. As such, they're included in the balance sheet under the current asset category. Long term notes are presented on the balance sheet along with other non-current assets.
In other words, a note receivable is lenderâs contract with the borrower. It entitles the lender to receive principle and interest payments from the borrower in the future. What Does Note Receivable Mean? Basically, a receivable is the opposite side of the transaction from the payable. The lender records a note receivable as an asset on its balance sheet while the borrower records a note payable as a liabilityon its balance sheet. This is how every bank loan and mortgage is recorded.