The official business definition of Notes vs Accounts Payable is that Notes are a type of loan that a company takes out from a lender, such as a bank or other financial institution. The loan is typically for a specific purpose, such as to finance a large purchase or to cover a cash flow shortage. The lender charges interest on the loan, and the company must make regular payments to the lender to repay the loan. Accounts Payable, on the other hand, are the debts that a company owes to its suppliers and vendors. These debts are typically for goods or services that the company has purchased, and the company must make regular payments to the suppliers and vendors to repay the debt. The key difference between Notes and Accounts Payable is that Notes are loans taken out from a lender, while Accounts Payable are debts owed to suppliers and vendors.