PAYABLE Meaning and
Definition
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Payable is an adjective derived from the verb "pay" and refers to something that needs to be paid or is capable of being paid. It describes an obligation or a debt that is owed to someone and is ready to be settled through a monetary exchange. In financial terms, payable typically indicates the amount of money that a person or an entity is required to pay within a specified period. It can pertain to various transactions, including bills, invoices, salaries, loans, taxes, or any other financial commitments.
The term payable can also be used as a noun, describing the amount that is due for payment. For example, a company may have a list of payables, which represent the outstanding amounts owed to suppliers, vendors, or creditors.
In accounting and bookkeeping, payable is often used to categorize liabilities or debts that a business entity is obligated to pay. It is recorded in the financial statements as accounts payable, which represents the total amount owed to suppliers for goods or services received on credit.
Furthermore, payable can additionally refer to the legal or formal document that establishes the terms and conditions of payment, such as a promissory note or a check, indicating the amount of money to be paid and the agreed-upon timeframe for payment.
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That may be paid; due; that there is power to pay; justly due.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of PAYABLE
The word "payable" comes from the Middle English term "paable", which is derived from the Old French word "paiable", meaning "that can be paid". The Old French word originated from the verb "paier", meaning "to pay", which can be traced back to the Latin word "pacare", meaning "to pacify" or "to satisfy". The evolution of "payable" over time has resulted in its current meaning of something that is owed and can be paid.
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