Bills payable refer to the amounts owed by a company to its suppliers, vendors, or other creditors for goods or services received but not yet paid for. Bills payable are business documents that show the amount owing for goods and services sold on credit. They can include service invoices, phone bills, utility bills, and other such regular services. Bills payable are recorded in the accounts payable category as a credit entry. Bills payable are a form of credit that suppliers offer to their customers by allowing them to pay for a product or service after it has already been received. In the context of banking, bills payable refers to a banks indebtedness to other banks, usually to a central bank such as the Federal Reserve Bank in the U.S.