1 The primary difference between trade receivables and notes receivable is that Multiple Choice Skipped a note receivable is a promise in writing, whereas a trade receivable is created when there is a credit sale on an open account. trade receivables are classified as current; notes receivable are classified as long-term. trade receivables are classified as trade receivables, whereas notes receivable are classified as non-trade. O trade receivables are normal business activity with customers, whereas notes receivable are from activity with suppliers.