Definition

Noun (plural in form, often used with a plural verb) 1. Short-term debts or liabilities: Money that a person or business currently owes and expects to pay to creditors, suppliers, or other entities within a short period (typically within one year). This primarily includes outstanding invoices and accounts.

Usage

• The term "payables" is a standard accounting and business term. It is almost always used in its plural form to refer to the collective total of short-term debts.
• It is commonly part of the phrase accounts payable, which is the specific accounting category for these debts.
• Example: "The company's payables are due next month." (This means the company's short-term debts must be paid next month.)

Examples

• The finance department is reviewing all payables before the end of the quarter.
• An increase in payables can indicate that a business is purchasing more supplies on credit.
• Managing cash flow effectively requires keeping a close eye on both receivables and payables.

Advanced Usage

• Accounts Payable (A/P): This is the formal accounting term for the money a company owes to suppliers for goods or services purchased on credit. It is a current liability on the balance sheet.
  • Example: "She works in the Accounts Payable department, processing vendor invoices."
• Notes Payable: A more formal written promise to pay a specific sum by a certain date. This is also a liability but is often distinguished from general accounts payable.
  • Example: "The bank loan was recorded as notes payable."

Variants and Related Words

• Payable (Adjective): Describing an amount that is due to be paid.
  • Example: "The invoice is payable within 30 days."
• Accounts Payable (Noun Phrase): The specific ledger account or department that tracks payables.
• Accrued Expenses/Payables: Liabilities for expenses that have been incurred but not yet billed or paid.

Synonyms

• Debts (short-term)
• Liabilities (current)
• Outstanding invoices
• Bills due

Antonyms

• Receivables
• Accounts receivable
• Assets

Noun

1. money that you currently expect to pay on notes and accounts