diff --git a/ga-api/src/main/java/com/ga/api/service/mobile/MobileMeService.java b/ga-api/src/main/java/com/ga/api/service/mobile/MobileMeService.java
index 1e7fb46..db0d464 100644
--- a/ga-api/src/main/java/com/ga/api/service/mobile/MobileMeService.java
+++ b/ga-api/src/main/java/com/ga/api/service/mobile/MobileMeService.java
@@ -199,13 +199,18 @@ public class MobileMeService {
         if (!agentId.equals(master.getAgentId())) throw new BizException(ErrorCode.FORBIDDEN);
 
         BigDecimal netAmount = master.getNetAmount() != null ? master.getNetAmount() : BigDecimal.ZERO;
+        // 출금 가용한도는 환수채권 상계 후 실지급액(payable_amount) 기준.
+        // payable_amount 미산정(구 데이터) 시 max(net,0) 로 폴백.
+        BigDecimal payable = master.getPayableAmount();
+        if (payable == null) payable = netAmount.max(BigDecimal.ZERO);
         BigDecimal used = withdrawMapper.sumActiveAmountByMaster(settleMasterId);
         if (used == null) used = BigDecimal.ZERO;
         return WithdrawableBalance.builder()
                 .settleId(settleMasterId)
                 .netAmount(netAmount)
+                .payableAmount(payable)
                 .usedAmount(used)
-                .remainingAmount(netAmount.subtract(used))
+                .remainingAmount(payable.subtract(used))
                 .build();
     }
 
@@ -272,9 +277,10 @@ public class MobileMeService {
     @Builder
     public static class WithdrawableBalance {
         private Long settleId;
-        private BigDecimal netAmount;
+        private BigDecimal netAmount;        // 회계 순액(정보용)
+        private BigDecimal payableAmount;    // 환수채권 상계 후 실지급가능액 (한도 기준)
         private BigDecimal usedAmount;
-        private BigDecimal remainingAmount;
+        private BigDecimal remainingAmount;  // = payableAmount − usedAmount
     }
 
     /** 모바일 출금 신청 — 토큰에서 agentId/requestedBy 강제. */
diff --git a/ga-common/src/main/resources/db/migration/V112__settle_payable_백필.sql b/ga-common/src/main/resources/db/migration/V112__settle_payable_백필.sql
new file mode 100644
index 0000000..efda1a1
--- /dev/null
+++ b/ga-common/src/main/resources/db/migration/V112__settle_payable_백필.sql
@@ -0,0 +1,10 @@
+-- V112: settle_master.payable_amount 백필 (P9 #4 — 출금 가용한도를 payable_amount 로 전환)
+-- V111 에서 payable_amount 가 DEFAULT 0 으로 추가되어 기존 정산 행은 전부 0.
+-- P9 이전에는 환수채권 상계가 없었으므로 기존 행의 실지급가능액 = max(net_amount, 0).
+-- 신규 정산 배치(AggregateStep)는 payable_amount 를 정확히 재계산해 덮어쓴다.
+-- 멱등: clawback 활동이 없는 행(recovered=0 AND carryover=0)만 대상 — 재실행해도 동일.
+
+UPDATE settle_master
+   SET payable_amount = GREATEST(net_amount, 0)
+ WHERE clawback_recovered = 0
+   AND clawback_carryover = 0;
diff --git a/ga-core/src/main/java/com/ga/core/vo/settle/SettleMasterResp.java b/ga-core/src/main/java/com/ga/core/vo/settle/SettleMasterResp.java
index ff0298d..9f514b7 100644
--- a/ga-core/src/main/java/com/ga/core/vo/settle/SettleMasterResp.java
+++ b/ga-core/src/main/java/com/ga/core/vo/settle/SettleMasterResp.java
@@ -22,6 +22,9 @@ public class SettleMasterResp {
     private BigDecimal grossAmount;
     private BigDecimal taxAmount;
     private BigDecimal netAmount;
+    private BigDecimal clawbackRecovered;   // V111: 당월 환수채권 상계 회수액
+    private BigDecimal clawbackCarryover;   // V111: 당월 발생→이월된 미수액
+    private BigDecimal payableAmount;        // V111: 실지급(이체대상) = max(0,net) − recovered
     private String status;
     private String statusName;
     private LocalDateTime calcDate;
diff --git a/ga-core/src/main/resources/mapper/settle/SettleMasterMapper.xml b/ga-core/src/main/resources/mapper/settle/SettleMasterMapper.xml
index b6a4d23..3f81a5f 100644
--- a/ga-core/src/main/resources/mapper/settle/SettleMasterMapper.xml
+++ b/ga-core/src/main/resources/mapper/settle/SettleMasterMapper.xml
@@ -11,6 +11,7 @@
         s.settle_month, s.recruit_total, s.maintain_total,
         s.exception_plus, s.exception_minus, s.override_total, s.chargeback_total,
         s.gross_amount, s.tax_amount, s.net_amount,
+        s.clawback_recovered, s.clawback_carryover, s.payable_amount,
         s.status,
         (SELECT cc.code_name FROM common_code cc WHERE cc.group_code='SETTLE_STATUS' AND cc.code=s.status) AS status_name,
         s.calc_date, s.confirmed_by, u.user_name AS confirmed_by_name,
diff --git a/ga-mobile-pwa/src/api/withdraw.ts b/ga-mobile-pwa/src/api/withdraw.ts
index 264e2f9..93df64a 100644
--- a/ga-mobile-pwa/src/api/withdraw.ts
+++ b/ga-mobile-pwa/src/api/withdraw.ts
@@ -29,6 +29,7 @@ export interface SettleMasterResp {
   settleId: number;
   settleMonth: string;
   netAmount?: number;
+  payableAmount?: number;
   grossAmount?: number;
   status?: string;
   statusName?: string;
@@ -44,6 +45,7 @@ export interface WithdrawCreateReq {
 export interface WithdrawableBalance {
   settleId: number;
   netAmount: number;
+  payableAmount: number;
   usedAmount: number;
   remainingAmount: number;
 }
diff --git a/ga-mobile-pwa/src/pages/WithdrawCreate.tsx b/ga-mobile-pwa/src/pages/WithdrawCreate.tsx
index d034b2c..7d1b633 100644
--- a/ga-mobile-pwa/src/pages/WithdrawCreate.tsx
+++ b/ga-mobile-pwa/src/pages/WithdrawCreate.tsx
@@ -36,7 +36,7 @@ export default function WithdrawCreate() {
   const pickerColumns: PickerColumn[] = useMemo(
     () => [
       settleMasters.map((s: SettleMasterResp) => ({
-        label: `${s.settleMonth} · 실수령 ${fmt(s.netAmount)}원`,
+        label: `${s.settleMonth} · 실지급가능 ${fmt(s.payableAmount ?? s.netAmount)}원`,
         value: String(s.settleId),
       })),
     ],
@@ -94,7 +94,7 @@ export default function WithdrawCreate() {
             {fmt(balance.remainingAmount)}원
           </div>
           <div style={{ color: '#999', fontSize: 12, marginTop: 4 }}>
-            실수령 {fmt(balance.netAmount)}원 · 신청중 {fmt(balance.usedAmount)}원
+            실지급가능 {fmt(balance.payableAmount)}원 · 신청중 {fmt(balance.usedAmount)}원
           </div>
         </div>
       )}