NetSuite’s Memorized Transactions feature allows users to save templates of frequently used transactions and schedule automatic postings. It is a massively under utilized tool that can save finance teams time and effort and streamline a lot of repetitive transactional processes.
The most common use of Memorized Transactions is to automate recurring journals. Not only does this speed up processing time, it ensures accuracy and consistency, reducing the risk of errors and helping maintain a clean, organized financial record.
In this article we will explain what are Memorized Transactions in NetSuite and learn how to use them to create templates and automatic postings.
Setting Up Memorized Transactions in NetSuite
Memorized Transactions in NetSuite is a standard piece of functionality so no specific feature needs to be enabled to begin using it. You will need to review the role permissions however. Ensure the role in use has the following permission set to a suitable level as required –
Lists > Memorized Transactions
The theory is, as the name suggests, that you will post a single transaction then copy, or memorize, it so it can be used as a template for future occurrences. The person creating the memorized transaction doesn’t necessarily need to be the person who posted the original, but they must have Edit access of the transaction type. The user will be required to edit the original, or source, transaction in order to memorize it.
Be aware that not all transaction types can be memorized and you also cannot use this feature on transactions with lot numbered or serialized inventory details configured.
The following is the complete list of transaction types that can be used with the Memorized Transactions feature:
- Credit Cards
- Purchase Orders
- Sales Orders
- Cash Sales
- Journal Entries
- Statement Charges
- Work Orders
- Purchase Requisitions
- Transfer Orders
- Custom Transactions
Memorizing a Transaction in NetSuite
Follow these steps to memorize a previously posted transaction.
Navigate to the source transaction you would like to memorize. Edit the transaction, hover over Actions and click Memorize.
You will be directed to the Memorized Transaction Definition. Populate the following fields :
- Name – This will default to the name of the payee, customer, vendor or project name from your source transaction. I strongly advise you rename this to either:
- An internally agreed naming convention or
- A detailed descriptor related to the transactions purpose.
- Action – Select one of the following:
- Template – this will not automatically post anything but will store a template for you to use again in the future.
- Reminder – This will not automatically post but will remind you so you can view and confirm the posting of a transaction.
- Automatic – This will automatically post transactions on the specified dates.
- If Reminder or Automatic are selected you will need to populate the following:
- Next Date.
- Repeat Every __ Time Period __ – For example, repeat every 3 months.
- Number Remaining – The number of remaining occurrences. You could also tick the Indefinite checkbox to continue generating transactions until you manually inactivate the memorized transaction.
- Save the record
If Automatic was the action type selected then a new transaction will be automatically posted at the date indicated in the Next Date field.
If Reminder was selected then a reminder will be shown in the Reminders dashboard portlet when a transaction is due
Setting the Reminder for Memorized Transactions
Navigate to your Home dashboard and click the personalize link at the top right of the screen. Select the Reminders Portlet.
Hover over the portlet to reveal the three dots and click Set Up.
Select Memorized Transactions Due from the left hand column in order to move it to the right hand column.
Click Save on the Select Reminders popup.
Posting Memorized Transactions from the Reminders list
When a transaction is due, click on the number in your Reminders portlet. This will direct you to the Enter Memorized Transactions page.
Enter the Date that you would like to post the transaction on and check the box to the left of the relevant Memorized Transaction record.
Click Submit and you will be directed to the Status page. Click refresh on the Status page until you see 100% complete.
Your transaction has now been processed.
Another way to save time and improve efficiency with high volume transaction processing is to use the CSV import feature. See the following articles to learn how to import Journals and other transactions in to NetSuite –