Businesses often have recurring transactions that they need to post. To help eliminate manual data entry of recurring transactions, NetSuite offers a feature called Memorized Transactions. When creating memorized transactions, you can choose to set reminders for when they need to be run, or have them run automatically. Automatic transactions can either be set to run a certain number of times, or they can be set to run forever.
It is important to note that not all items can be memorized – below are the list of transactions that can be memorized:
- Creating Invoices
- Creating Journal Entries
- Creating Estimates
- Writing Checks
- Entering Purchase Orders
- Entering Bills
- Entering Sales Orders
- Using Credit Cards
- Entering Cash Sales
- Creating Statement Changes
- Entering Work Orders
This blog will review 12 easy steps to creating a memorized transaction in NetSuite.
Step 1: Fill out Transactional Information
The first step is to go to the transaction that you want to memorize, and fill out all of the information that is needed.
Important items to note:
- When entering credit card information for payment, the card will be automatically charged each time the memorized transaction runs.
- If you choose to email or fax the customer, your customer will automatically receive that email or fax each time the memorized transaction runs.
- Any posting transactions containing serial or lot numbers cannot be memorized.
- Non-posting transactions with serial or lot numbers can be memorized as long as the numbers are not entered on the transaction.
- If your company uses the Online Bill Payment features, the payment will automatically show up on the Approve Online Bill Payment after each memorized transaction occurs.
Step 2: Memorize the Transaction
Once you have completed filling out the transaction details that you want to be memorized, hover under Actions, and select Memorize.
Step 3: View Memorized Transaction
This will bring you to a new page, where the customer, vendor, payee or project name that you entered will appear in the Name field. You can change this if you choose – this name will appear in your list of memorized transactions, but will not affect the name on the actual transaction.
Step 4: Determine How the Transaction Will Run
If you want the memorized transaction run automatically, select Automatic. If you want to run it manually, but want a reminder for when they are due, select Remind Me.
Step 5: Define Frequency
In the frequency field, choose how often you would like the memorized transaction to run. If you would like it to run on the 1st of each month, you can select Start of Period. Selecting Custom can define the recurrence by days, weeks or months. By Selecting Custom in the Units field, you can enter a date in the Date field on the Custom Recurrence Pattern subtab.
Step 6: Determine Accounting Period Permissions
If you have Override Period Restrictions permissions, you can check the Allow Posting in Locked Period box to enable the transaction to post to an accounting period.
Step 7: Select Posting Date
If you do not want the transaction to post on the creation date, check the Override Posting Date box, and in the Next Date field enter the next date you want the transaction to be created. If you want this transaction to automatically occur, it is essential to enter a next date here.
Step 8: Determine Posting Frequency
If you select a frequency of Twice a Month, you can set a Subsequent Date for the transaction to run on.
Step 9: Determine Reminder Status
Select the Remind Forever button if you want this transaction to run indefinitely, but want to be reminded every time the transaction is due.
- If you selected Automatic and click Remind Forever, you will receive reminders for the memorized transaction, but will not have to manually run it. If you want to customize the number of transactions to reoccur, select Number Remaining.
Step 10: Determine Sales Pricing Use
To use sales pricing that is current as of the date it is created, select Number Remaining.
Step 11: Determine Customer Contact Information Feed
To use the customer email, fax and mailing information that is current as of the day the transaction will run, select the Update Prices box.
Step 12: Save Your File
Once you have finished this, hit Save. If you selected Automatic for this memorized transaction, you will be prompted to continue – select OK. This will save your memorized transaction.
You can check the memorized transaction you created by going to Transactions > Management > Enter Memorized Transactions > List. Click view next to the transaction. This is where you can review the different types of records that have been created into Memorized Transactions.
When you are ready to run the memorized transaction (unless it has been set to run automatically) go to Transactions > Management and hit Enter Memorized Transactions. Check next to the transactions that you want to run specifically, or select Mark All. On this page, you can select the date for the transactions to be dated.
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Olivia Huie, NetSuite Consultant