A “Memorized Transaction” is a feature that allows you to automate the creation of recurring transactions. This is particularly useful for transactions that occur regularly, such as monthly rent payments, recurring bills, or periodic journal entries. By memorizing a transaction, you can save time and reduce the risk of errors associated with manual data entry.
Steps to Memorize a Transaction in NetSuite:
- Create the Transaction: First, create the transaction you want to memorize (e.g., an invoice, bill, or journal entry).
- Memorize the Transaction:
- After entering the transaction details, click on the Actions menu.
- Select Memorize.
- Set Memorization Options:
- Name: Enter a name for the memorized transaction.
- Frequency: Choose how often the transaction should be created (e.g., daily, weekly, monthly, annually).
- Next Date: Specify the next date the transaction should be created.
- Expiration Date: If applicable, set an expiration date after which the transaction should no longer be created.
- Number Remaining: Specify the number of times the transaction should be created (if applicable).
- Reminder: You can set up reminders if you want to be notified before the transaction is created.
- Save: Click Save to memorize the transaction.
Managing Memorized Transactions:
- View Memorized Transactions: You can view all your memorized transactions by navigating to Transactions > Management > Enter Memorized Transactions.
- Edit or Delete: You can edit or delete a memorized transaction from the memorized transaction list if needed.
Benefits of Memorizing Transactions:
- Time-Saving: Automates the creation of repetitive transactions.
- Consistency: Ensures transactions are recorded accurately and consistently.
- Reminders: Helps you stay on top of recurring financial obligations.
Memorized transactions streamline the management of recurring financial activities, improving efficiency and accuracy in accounting processes.