Payables: Meaning and Definition

What does payables mean?

Payables is another name for Accounts Payable (AP). Money a business owes to its suppliers and vendors for goods or services received but not yet paid for.

The two names mean the same thing. You will see "payables" in some ledgers, reports and contracts and "AP" in others. The full entry covers how it works, with examples.

Read the full definition of Accounts Payable (AP)

Topics

Accounts payable

From the glossary

Related terms.

Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables Invoice processing Invoice Management The end-to-end process of creating, receiving, tracking, approving, and processing invoices for timely payments and accurate financial records. Also called invoice processing, invoice handling, invoice workflow Financial reporting Balance Sheet A financial statement that presents a company's total assets, liabilities, and shareholders' equity at a specific point in time. Also called statement of financial position, statement of assets and liabilities Input tax credit Input Tax Credit (ITC) A mechanism that allows businesses to claim credit for GST paid on purchases and expenses, reducing their overall output tax liability. Also called input credit, GST input credit, input tax credit under GST AP automation Accounts Payable Automation Accounts payable automation uses technology to digitise and streamline the entire AP lifecycle, from invoice capture and validation through approval routing, matching, and payment execution. Also called AP automation, payables automation, automated accounts payable Accounts payable Debit Note A debit note is a document issued by a buyer to a seller indicating a reduction in the amount payable, typically due to goods returned, pricing errors, or defective supplies. Also called debit memo, debit memorandum

From the blog

Related posts.

AP Vendor Reconciliation: Process, Format and Example Vendor reconciliation matches your ledger for a supplier with its statement and explains every difference, such as payments in transit, TDS and debit notes. OneFinOps Editorial 5 Mar 2026 3 min

AP Accounts Payable Process: Steps, Flow Chart and Controls The accounts payable process runs from purchase order to payment: receive the invoice, match it, book it with GST and TDS, approve, pay and reconcile. Dhatri Medarametla 11 Feb 2026 3 min

AP What is 3-Way Matching in Accounts Payable? Process and Example 3-way matching checks the purchase order, goods receipt note and supplier invoice against each other, so you pay only for what you ordered and received. Dhatri Medarametla 8 Feb 2026 3 min