If you have recurring transactions that are performed each month, you can memorize them, so that they are either performed automatically or are set up, ready for you to approve. You can memorize the following transaction types:
- Credit Cards
- Purchase Orders
- Purchase Invoices
- Sales Orders
- Cash Sales
- Journal Entries
- Statement Charges
- Work Orders
As a services company, I memorize Invoices for clients that we provide support for. This allows me to either send invoices out automatically via email each month, or have a reminder on my NetSuite Dashboard to remind me to approve a memorized transaction that is due.
Setting up a new memorized transaction
It’s very simple! Just create the transaction as you normally would. For example, I create an invoice, enter the item and any other details that I’d like to be memorized next time. Instead of saving the transaction, hover over actions > memorize.
The Memorized transaction page will appear. Options available include:
- Whether to be reminded via a dashboard reminder when the transaction is due or submit the transaction automatically
- Frequency, including custom frequencies for performing the memorized transaction
- Alter the posting date of the transaction
- Allow/disallow posting in locked accounting periods
- Indefinite memorization of the transaction or set a number of frequencies of the memorization to occur
- Update the addresses on future memorized transactions if the customer or supplier address changes on the customer record
- Update the prices on future memorized transactions if the price of the item on the transaction changes.
After saving this memorized transaction, I go back to my Dashboard whereby I have set the standard reminder ‘Memorized Transactions Due’ to show me any due memorized transactions. This transaction appears here:
To set the reminder up, click on the hamburger icon on the right hand side of the reminders bar and click set up:
Click on the ‘add standard reminders’ button, select ‘memorized transactions due’ and then click ‘done’.
You will then be taken back to the previous popup where you can change the number of days before the due date of the transaction that the reminder pops up. Save this and then your reminder will be set up!
Clicking on this reminder takes you to the Memorized transactions page in which you can enter each memorized transaction to adjust the transaction before submitting or you can mark all memorized transactions to be processed. If you have multiple memorized transactions due, they will appear here.
Clicking submit, the memorized transactions are processed. All done!
As well as seeing all memorized transactions through the memorized transactions page, you can also see the memorized transactions on the customer record. Here, you can see the invoice that was processed (Invoice Number 047593) and the memorized transaction, in which a reminder will be displayed on my dashboard a month from now to process the transaction.
To see a list of all your memorized transactions, select the administrator role and navigate to: Transactions > Other >Enter Memorized Transactions > List. From here you can delete memorized transactions or edit them.
So there you have it, an easy way to process recurring transactions in NetSuite!
Check out our helpful Memorized Transactions tutorial video too