Etymology
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payable (adj.)

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.

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Definitions of payable
1
payable (n.)
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
Synonyms: account payable
2
payable (adj.)
subject to or requiring payment especially as specified;
a check payable to John Doe
a note payable on demand
Synonyms: collectible / collectable
From wordnet.princeton.edu