Memorized Transactions in NetSuite allow users to automate recurring transactions, reducing manual data entry and ensuring consistency. Whether you need to set up recurring invoices, bills, or journal entries, this feature helps streamline financial processes.
What is a Memorized Transaction?
A Memorized Transaction is a template for frequently used transactions that can be scheduled for automatic posting or saved for manual execution when needed.
Prerequisites
- Ensure you have the Memorized Transaction feature enabled.
- Go to Setup > Company > Enable Features > Accounting Tab
- Check the box for Memorized Transactions and click Save
Steps to Create a Memorized Transaction
1. Create the Base Transaction
- Navigate to the transaction type you want to memorize:
- Sales > Enter Sales Order (for recurring sales orders)
- Transactions > Payables > Enter Bills (for recurring vendor bills)
- Transactions > Financial > Make Journal Entries (for recurring journal entries)
- Enter all the required details as you would for a normal transaction.
2. Memorize the Transaction
- Once the transaction is complete, click Memorize at the top of the record.
- In the Memorize Transaction popup, configure the following:
- Type: Select whether the transaction is to be
- Automatic – Posts based on a defined schedule.
- Remind Me – Appears as a reminder but requires manual execution.
- Manual – Saves the transaction for reuse but does not generate reminders or automatic postings.
- Frequency: Choose how often the transaction should recur (e.g., monthly, weekly, custom).
- Next Date: Set the date for the next transaction to be posted.
- Number Remaining: Specify how many times the transaction should recur (leave blank for unlimited).
3. Save and Manage Memorized Transactions
- Click Save to finalize the memorized transaction.
- To view or manage memorized transactions:
- Go to Transactions > Management > Enter Memorized Transactions
- Locate the transaction, edit, delete, or execute it as needed.
Benefits of Using Memorized Transactions
- Reduces manual data entry and saves time.
- Ensures consistency by automatically posting transactions with accurate data.
- Helps with cash flow management by scheduling payments and income.
Conclusion
Memorized Transactions in NetSuite provide a powerful way to handle recurring financial activities efficiently. By setting up automated or manual reminders, businesses can ensure smooth and error-free transaction processing.