Memorized transactions are a powerful NetSuite feature designed to automate the creation of recurring entries like monthly rent payments, depreciation journal entries, or loan payments. By setting up a transaction once and defining a schedule, you can eliminate repetitive data entry and ensure that critical transactions are posted on time. This guide provides a fact-checked and expanded overview of how to create, schedule, and manage memorized transactions.

How Memorized Transactions Work

The core concept is simple: you create a template of a transaction and tell NetSuite to generate a new instance of it on a recurring basis. This is ideal for any transaction where the accounts, and often the amounts, are consistent from one period to the next.

Supported Transaction Types

You can memorize a wide variety of transactions, including but not limited to:

• Journal Entries

• Vendor Bills

• Checks

• Invoices

• Sales Orders

• Cash Sales

  
  

The Creation and Scheduling Process

1. Create a Template Transaction: Begin by creating the transaction you wish to memorize as you normally would. Fill in all the details that will repeat each period (e.g., vendor, accounts, memo, and amounts if they are fixed).

2. Initiate Memorization: Before saving, click the Memorize action button (often found under Actions > Memorize).

3. Configure the Schedule: This is the most critical step. You will be taken to a new page to define the recurrence pattern.

Key Scheduling Options

Automatic vs. Reminder: Choosing the Right Action

• Automatic: Use this for fixed-amount, predictable entries where no review is needed, such as a standard rent payment or a fixed-amount loan payment. The transaction is created and posted automatically on the scheduled date.

• Remind Me: This is the safer and more common option. It is ideal for transactions where the amount may vary (like a utility bill) or for high-value entries that require a final review. On the scheduled date, a reminder will appear in your Reminders portlet. You can then click the link to review, edit, and approve the transaction before it posts to the general ledger.

  
  

Managing Your Memorized Transactions

To view, edit, or delete your memorized transaction schedules, navigate to Lists > Accounting > Memorized Transactions.

From this page, you can:

• Edit the schedule, amounts, or accounts on the template.

• Inactivate a schedule to prevent it from running in the future.

• View a history of all transactions that have been generated from that schedule.

Processing Reminders

If you use the "Remind Me" option, you will process the pending transactions by navigating to Transactions > Financial > Enter Memorized Transactions.

Common Use Cases

Best Practices

• Use "Remind Me" Liberally: For any significant transaction, the "Remind Me" option provides the perfect balance of automation and control.

• Periodic Review: At least quarterly, review your list of active memorized transactions to ensure the amounts and accounts are still correct. This is especially important for things like loan payments or service contracts where terms may change.

Dynamic Dates: Use the "Current Period" option for the date where possible to ensure transactions always post to the correct, open accounting period.