What is salaries payable?

Salaries payable is a liability account that indicates the total sum of money paid to employees that a company owes to its staff due to past work still owed that has been not paid. It is treated as current liabilities on the balance sheet as it is liable to be paid in next payroll. Salaries payable is the same as wages payable except that salaries can be on a monthly basis instead of an hourly basis. The awareness of this liability will facilitate the proper accounting of financial reports or accounting in accordance with the requirement of the accounting principles especially in the accrual system of accounting.