Payable means something that needs to be paid or can be paid. When a bill is payable, you owe that money and need to pay it. A library fine might be payable at the front desk, or a dentist bill might be payable within 30 days.

You'll often see this word on invoices and bills. If something says “payable upon receipt,” it means you should pay as soon as you get the bill. “Payable to” tells you who should receive the money: a check payable to your piano teacher means you write their name on it so only they can cash it.

In business, accounts payable refers to all the money a company owes to others for goods or services it has already received. If your school orders new computers but hasn't paid for them yet, that's part of the school's accounts payable. The opposite is accounts receivable, which is money others owe to you or your business.