late 14c., paiable, "to be paid, that can be or is to be paid," from pay (v.) + -able or from Old French paiable. From late 13c. as a surname, from the Old French word in its other sense, "of good quality." Related: Payability.
the problem was to match receivables and payables in the same currency
a check payable to John Doe
a note payable on demand