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Payable Meaning: Definition, Examples, and Translations

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payable

[ˈpeɪəbəl ]

Definitions

Context #1 | Adjective

finance

Able to be paid; suitable for payment.

Synonyms

collectible, receivable.

Which Synonym Should You Choose?

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Word Description / Examples
payable

This word is used when referring to an amount that needs to be paid by a certain date, such as bills or invoices.

  • The rent is payable by the fifth of each month
  • The invoice is payable within 30 days
collectible

This term applies to items or debts that can be collected, sometimes used to refer to valuable items that people collect.

  • The old coins are collectible and can be sold for a good price
  • The debts are collectible after the due date
receivable

Typically used in accounting, this word refers to the amount of money that is owed to a business by its customers or clients.

  • We need to keep track of our accounts receivable to ensure timely payments
  • The company has a large amount of money in receivable accounts

Examples of usage

  • Please make the check payable to the school.
  • Is the invoice payable upon delivery or at a later date?
Context #2 | Noun

finance

A debt or amount of money that is owed.

Synonyms

debt, liability, obligation.

Which Synonym Should You Choose?

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Word Description / Examples
payable

Best used in financial or accounting contexts to describe an amount of money that is due to be paid. It often refers to invoices or bills.

  • The invoice is payable within 30 days from the date of issue.
  • Rent is typically payable at the beginning of each month.
debt

Used to refer to an amount of money borrowed and expected to be paid back. It can have a negative connotation, often indicating a financial burden.

  • They are struggling to pay off their student debt.
  • He is in debt after taking out several loans.
obligation

A broad term that can refer to any duty or responsibility, not limited to financial matters but also including moral and legal responsibilities.

  • Parents have an obligation to take care of their children.
  • You have an obligation to report any suspicious activities to the authorities.
liability

Commonly used in legal and financial contexts to refer to any debts or financial obligations a person or organization owes. It can also mean being legally responsible for something.

  • The company has significant liabilities on its balance sheet.
  • As a driver, you need to have liability insurance.

Examples of usage

  • The company has many payables to settle before the end of the month.
  • She carefully tracks all her payables and receivables.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Finance

  • In accounting, 'accounts payable' refers to the money a company owes to its suppliers.
  • Organizations often track payable amounts carefully to maintain healthy cash flow and ensure bills are paid on time.
  • A 'payable on demand' is a sum that must be paid when asked, reflecting the immediacy in financial obligations.

Legal Terms

  • In contracts, terms like 'payable upon receipt' indicate that payment is required immediately when the product or service is delivered.
  • Understanding payable conditions in a contract can protect both borrowers and lenders, helping clarify financial responsibilities.
  • The legal framework surrounding payments ensures that agreements are honored and financial commitments are clear.

Cultural Perspectives

  • 'Payable' highlights varying cultural practices around money; for example, some cultures may practice barter instead of cash payments.
  • In some cultures, granting terms on payment can show trust and foster relationships between businesses and clients.
  • The concept of paying on credit, or 'payable later,' varies widely across cultures, influencing spending behaviors.

Everyday Usage

  • People regularly encounter payables when dealing with monthly bills, such as utilities or rent.
  • Payable notices are often sent as reminders, helping individuals and businesses keep track of what they owe.
  • Mobile apps are increasingly used for managing payables, reflecting our shift towards digital financial management.

Origin of 'payable'

Main points about word origin

  • The term 'payable' comes from the Middle English word 'paien,' which means to pay.
  • It is formed by combining 'pay' with the suffix '-able,' meaning 'capable of' or 'suitable for.'
  • The word gained prominence in financial contexts since the 15th century, reflecting the rise of trade.

The word 'payable' originated in the late Middle English period, from the Old French word 'paier' meaning 'to pay'. It has been used in the context of finance and debts for centuries, evolving to its current meaning of being able to be paid or a debt that is owed.

See also: nonpayer, nonpayment, pay, payback, payee, payer, paymaster, payment, payments, payoff, payor, paywise, repay, repayment, spay.

Word Frequency Rank

At position #2,353, this word belongs to solid intermediate vocabulary. It's frequently used in both casual and formal contexts and is worth learning for better fluency.