Utilizing Memorized Bill Transactions

One way to handle accrued expenses is by memorizing transactions. In NetSuite, you can memorize Bill transactions. When you memorize a transaction, you set up the transaction to recur over time.

To create Memorized Bill transactions, before saving the Bill, hover to Actions and select Memorize. These Bills will debit the Expense account and credit the Accounts Payable account. When you’re routed to the Memorized Transaction Definition page, you can set Action to Automatic or Reminder. You can set the frequency the transaction should occur on this page as well.

If you chose Automatic, the transaction will be automatically posted; on the other hand, if you set it to Reminder, when the Next Date set comes, this transaction will show up on your Reminders portlet. Then, you can enter and post the transaction.

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