Yes, ALLOWANCES is a Scrabble word!

Letter values in Scrabble US: A 1, L 1, L 1, O 1, W 4, A 1, N 1, C 3, E 1, S 1.

Is it a valid word?

ALLOWANCES is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an amount allowed or granted (as during a given period)
a sum granted as reimbursement for expenses
an amount added or deducted on the basis of qualifying circumstances
a permissible difference; allowing some freedom to move within limits
a reserve fund created by a charge against profits in order to provide for changes in the value of a company's assets
the act of allowing

Also: valuation reserve, valuation account, allowance account.