Memorized Transactions in NetSuite Cloud ERP

In NetSuite, there is a very useful tool called “Memorized Transactions”. This tool lets you set up and automate recurring transactions. One example is a recurring payable such as rent. Memorized Transactions can also be used manually as templates for repeated transactions which may differ from period to period—for instance, payroll journal entries.
In this blog, we will show you how to use this valuable tool!
The transactions you can memorize include:

• Write Checks
• Use Credit Card
• Enter Purchase Orders
• Enter Bills Enter Sales Orders
• Create Invoices
• Prepare Estimates
• Enter Cash Sales
• Make Journal Entries
• Create Statement charges
• Enter Work Orders

1. Let’s create a recurring bill for our vendor, Safety Net Security (SNS). SNS does not send us an invoice every month, so we have remember to pay them on time. We want to set up an automated payable for them.  
2. Begin by filling out a bill for SNS as you usually would. Don’t click “Save”!
3. Instead of clicking save, hover over “Actions” and select “Memorize”.
4. On the next screen, you will be able to set options such as frequency, how many times the transaction is to be performed, and whether NetSuite reminds you to do it or automatically performs the transaction. When you have set the options you want, click “Save”.
5. To view or edit saved Memorized Transactions (depending on your permissions) you may find it via:
   1. Transactions>Management>Enter Memorized Transactions>List
   2. Financial > Lists > Enter Memorized Transactions > List
   3. Use the Global Search to find the page named “Memorized Transactions”.

It’s that easy!
So how about using a Memorized Transaction as a template?

1. Set up a memorized transaction as displayed above, but stop when you reach Step 3. Select “Remind Me” and set frequency to “Never”.
2. Make sure you name the transaction something distinctive.
3. Save
4. When it comes time to use this template, locate your Memorized Transactions list as described above.
5. When you get there, click on “Enter” next to the transaction you want to use.
6. You may now fill in the pertinent information.
7. Save
8. You’re done!

NetSuite has so many helpful tools that it can be hard to know what each does. Memorized Transactions can help take a lot of the work out of regularly repeating transactions.
If you have any questions about Memorized Transactions or other NetSuite questions, please contact us!
Robert.White@wacptrs.com