A memorized transaction is a transaction you set up to recur in NetSuite, such as recurring journal entries. Memorized transactions eliminate data entry and serve as useful reminders.
Some transactions repeat throughout the year. Rent is one example; it is paid in the same amount on the same day of each month.The user memorizes the transaction after creating it. This places a reminder on the user’s dashboard, to prompt a review of the transaction. The transaction is created for you, but is not posted until the user elects to enter it.
When you memorize a transaction, you set up the transaction to recur over time. You choose whether the transaction automatically posts or if you are reminded to post it. Set the frequency the transaction should occur and set posting options. You can specify that the transaction should recur forever or a set number of times.
To memorize a transaction:
- Edit the transaction you want to memorize, and make sure the appropriate information is filled in.
- From the Actions list, select Memorize.
- If you want to change the name of the memorized transaction, enter a new Name.
- Choose one of three options in the Action dropdown list in the Primary Information section:
- Check the Inactive box to prevent the memorized transaction from creating any more transactions.
- Check the Override Transaction Date box if you do not want the transaction to post on the creation date.
- Check the Allow Posting in Locked Period box to enable the transaction to post to an accounting period for which transactions are locked. You must have the Override Period Restrictions permission to check this box.
- Check the Update Addresses box to have the memorized transaction use the customer email, fax, and address information that is current as of the date the transaction is created. This option applies only to addresses on the customer record. Any other addresses, such as those included in the To Be Emailed list, must be updated manually.
- Check the Update Prices box to have the memorized transaction use sales pricing that is current as of the date the transaction is created.
- There are two options for setting the frequency of the memorized transaction:
1: To create recurring transactions based on a number of occurrences within a time period, enter the following in the Recurring subtab:
2: To create transactions on specific dates, enter the Next Date to generate a transaction in the Custom Dates subtab and click Add. If you checked the Override Transaction Date box in the Primary Information subtab, enter the Next Transaction Date on which you want the transaction to post. - When you have finished, click Save.
- If you clicked Automatic for this memorized transaction, you will be prompted to continue. Click OK. The memorized transaction is saved.