Memorized Transaction in Netsuite

Memorized transactions in NetSuite are a feature that allows users to save and automate recurring transactions. These transactions are often used for entries that happen on a regular basis, such as monthly payments, billing cycles, subscriptions, or payroll. By memorizing a transaction, NetSuite allows users to save the transaction template and automatically recreate it in the future, saving time and reducing errors in manual data entry.

Memorized transactions can be set to run automatically or manually, and they help streamline processes such as recurring invoices, journal entries, bills, and purchase orders.

Types of Memorized Transactions:

NetSuite supports various types of memorized transactions, including:

1. Sales Transactions:

• Invoices
• Sales Orders
• Credit Memos
• Cash Sales

1. Purchasing Transactions:

• Bills
• Purchase Orders
• Vendor Credits

1. Accounting Transactions:

• Journal Entries
• Payment Entries

1. Payroll Transactions:

• Recurring payroll entries can be saved as memorized transactions to ensure timely processing.

1. Other Transaction Types:

• Expense Reports
• Customer Payments
• Vendor Payments

Setting Up a Memorized Transaction:

To create a memorized transaction in NetSuite:

1. Create the Transaction:

• Start by creating the transaction as you normally would (e.g., creating an invoice, journal entry, or bill).
• Fill out all the necessary fields and ensure that the transaction is accurate.

1. Memorize the Transaction:

• Once the transaction is ready, navigate to Actions > Memorize (located on the transaction screen).
• This will prompt you to save the transaction with a unique name.

1. Select the Frequency:

• After memorizing, you will be asked to define the frequency of the memorized transaction (e.g., daily, weekly, monthly, annually, etc.).
• You can set specific start and end dates or leave it open-ended.

1. Set Automatic or Manual Execution:

• Choose whether the transaction will be created automatically (as per the defined schedule) or manually (where it needs to be approved before being entered).

1. Review and Save:

• Review the settings and save the memorized transaction.

Managing Memorized Transactions:

1. Navigating to Memorized Transactions:

• To manage your memorized transactions, navigate to Lists > Transactions > Memorized Transactions.
• Here you can view all your saved transactions, see their schedules, and manage their settings.

1. Editing or Deleting Memorized Transactions:

• You can edit the settings of a memorized transaction to adjust the schedule, change account details, or update any information.
• To delete a memorized transaction, simply select it from the list and click the delete option.

1. Viewing Transaction History:

• NetSuite allows you to view the history of all executed memorized transactions, including the date of creation, the status (whether the transaction was executed), and any changes made over time.

1. Manual Execution:

• If you set the memorized transaction to manual, you can manually run the transaction at any time from the memorized transactions list. This allows you to review and confirm the details before posting.

Benefits of Memorized Transactions:

1. Time-Saving:

• By automating recurring transactions, memorized transactions reduce the need for repetitive data entry, saving time for employees.

1. Error Reduction:

• Automating the process helps minimize the risk of errors that might occur from manual data entry. This is especially useful in transactions that have a standard format and are repeated over time.

1. Consistency:

• Memorized transactions ensure consistency in the recording of regular transactions, which is especially critical for financial reporting and audits.

1. Improved Cash Flow Management:

• Recurring payments, such as subscriptions or regular bills, can be automatically generated and tracked, improving the management of cash flow and avoiding missed payments.

1. Better Reporting:

• Since the transactions are set up with predictable schedules, reporting becomes easier, and the user can generate financial statements with greater accuracy, ensuring that all regular transactions are accounted for.

Use Cases for Memorized Transactions:

1. Recurring Billing:

• Businesses with subscription models or regular billing cycles can use memorized transactions to automatically create invoices on a specified date (e.g., monthly subscription fees).

1. Vendor Payments:

• For regular vendor payments, such as rent or utility bills, you can set up memorized bills that automatically generate on the required date and ensure that payments are made on time.

1. Salary and Payroll:

• Payroll transactions that are repeated periodically can be memorized to ensure timely processing of employee compensation, deductions, and tax calculations.

1. Depreciation Journal Entries:

• Businesses that need to record monthly depreciation can memorize journal entries with the appropriate accounts and amounts for each period.

1. Loan Payments:

• For businesses that have recurring loan payments, a memorized transaction can be used to generate payments automatically on the scheduled date.

Limitations of Memorized Transactions:

1. Lack of Flexibility in Complex Transactions:

• While memorized transactions are useful for repetitive transactions, they may not be suitable for complex transactions that require a high degree of customization or variability.

1. Requires Initial Setup:

• While memorized transactions are designed to save time in the long run, they do require an initial setup that can be time-consuming for some organizations.

1. Manual Adjustments:

• For manually executed memorized transactions, the user still needs to verify and adjust the transaction as necessary before posting.

1. Updates May Require Re-Setup:

• If the format or structure of the transaction changes (e.g., a change in account codes or amounts), you may need to update or re-memorize the transaction.