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.
When you list liabilities on your small businessâs balance sheet, you separate them into two subsections: current liabilities and long-term liabilities. Current liabilities are those that you expect to pay within one year. Long-term liabilities are those you expect to pay after a year. The amount of your small businessâs total liabilities, or total debt, you must report on your balance sheet equals the sum of your current and long-term liabilities. 1. Determine from your accounting records the amount of your current liabilities, such as accounts payable, wages payable, short-term notes and the portion of long-term debt due within one year.