Yes, payable is in the scrabble dictionary

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Payable Definition

noun

Money owed to a creditor. Often used in the plural: tried to balance inventory, payables, and receivables.
from The American Heritage Dictionary of the English Language, 4th Edition

adjective

Capable of producing profit: a payable business venture.
from The American Heritage Dictionary of the English Language, 4th Edition
Requiring payment on a certain date; due.
from The American Heritage Dictionary of the English Language, 4th Edition
Requiring payment to a particular person or entity.
from The American Heritage Dictionary of the English Language, 4th Edition
That may, can, or must be paid.
from Free Scrabble Dictionary

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Top Words by points

Points

payable

14

2 letter words with PAYABLE

Points

ab

4

ya

5

el

2

la

2

by

7

be

4

ba

4

ye

5

aa

2

pa

4

ae

2

al

2

ay

5

pe

4

3 letter words with PAYABLE

Points

ply

8

bey

8

bye

8

pye

8

lab

5

pya

8

pea

5

lap

5

lay

6

lea

3

pay

8

ley

6

lye

6

pal

5

bay

8

aal

3

aba

5

aby

8

ala

3

alb

5

ale

3

alp

5

ape

5

aye

6

yep

8

yea

6

yap

8

baa

5

bae

5

bal

5

bap

7

bel

5

4 letter words with PAYABLE

Points

pale

6

paly

9

peal

6

play

9

plea

6

pleb

8

yelp

9

leap

6

blae

6

beal

6

bale

6

baal

6

alba

6

alae

4

abye

9

ably

9

able

6

5 letter words with PAYABLE

Points

blype

12

belay

10

palea

7

playa

10

7 letter words with PAYABLE

Points

payable

14

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