The Accounts Payable module maintains liability balances for vendors. Vendor invoices can be recommended for payment at the time of entry and immediately disbursed, added to a pay list, or recommended based on disbursement parameters. The use of an Unvouchered Accounts Payable chart of account, enables a company to close accounting periods on timely basis without having to wait for vendor invoices for inventory received. This application also monitors quantities and costs recorded by Purchasing and Receiving and automatically creates credit memos for vendor overpricing and quantity shortages.