Origin: Latin suffix -able
Payable has 4 different meanings across 2 categories:
a liability account showing how much is owed for goods and services purchased on credit
"the problem was to match receivables and payables in the same currency"
Debts owed by a business; liabilities.
"The accountant listed all outstanding invoices and unpaid bills as payable before filing the quarterly financial report."
In plain English: A payable is money that someone owes you and must give to you at a specific time.
"The payable for the service was surprisingly low."
Usage: Payable is strictly an adjective describing money that must be paid, not a noun referring to debts themselves. In standard English, you should say "amounts payable" or "debts owed" rather than using the word alone as a noun.
subject to or requiring payment especially as specified
"a collectible bill"
"a note payable on demand"
"a check payable to John Doe"
Due to be paid.
"The invoice shows that the remaining balance is not due until next month, so it remains payable at that time."
In plain English: Payable means that something is ready to be paid at a specific time.
"The remaining balance on your invoice is not due until next week, so the amount is not yet payable."
Usage: Use payable to describe an amount or bill that is currently due and ready for payment by a specific deadline. It indicates that the obligation to pay has arrived, distinguishing it from costs that are yet to be incurred or billed.
Payable is formed by adding the suffix -able to the word pay. This construction indicates that something can be or must be paid.