Are you still manually inputting recurring transactions into NetSuite? Entering monthly transactions can be repetitive, numerous, and errors can easily occur from invalid entries. To alleviate this, one can use memorized transactions to set up and schedule the creation of to avoid manual entries of important data. In addition, memorized transactions in NetSuite also serves as useful reminders for process owners to oversee selected transactions before they are posted.
Memorized transactions is a simple and powerful tool to automate business processes. To set up, there are 2 distinct parts to go through:
- The transaction itself- compiles the core elements associated with it, such as the subsidiary, amount, and date.
- The transaction definition- indicates the schedule, frequency, and posting options associated with each transaction.
In NetSuite, 16 types of transactions can be memorized. For this blog, journal entries will be used as an example to demonstrate the setup procedure. Similar practices can also be applied to other transaction types simultaneously.
As an example, let’s look at the scenario of a Controller of a manufacturing company. By each fiscal month end, many depreciation expenses would need to be recorded. You know that these expenses are fixed and will be incurred monthly in the foreseeable future. There are also other common expenses similar to depreciation, such as overhead costs, that share similar posting frequency and schedule. In this case, you can use memorized transactions to automate these journal entries and simply be reminded to post them each month.
Step 1: Creating a Journal Entry
- Navigate to Financial > Other > Make Journal Entries.
- In the Primary Information and Classification sections you are able to fill out information associated with the journal entry, such as currency, exchange rate, date, and posting period.
- Filling out this information allows you to compose the basic elements of a journal entry, and can be edited later.
- On the Lines tab, you are able to select the related account as well as specific debit or credit amount unique to each entry. A brief memo statement could be included to add texture to the field.
Step 2: Creating Transaction Definition
- Once all basic information are filled out, navigate to Actions > Memorize to customize the parameters.
- These parameters can be customized to set frequency and determine what elements can be modified. The definition in the screenshot below indicates that the journal entry would be set as a reminder and will be repeated every month.
- Click Save once completed.
Step 3: Post the Memorized Transaction.
- Navigate to Financial > Lists > Enter Memorized Transactions.
- Click Enter next to the Name of the created transactions.
- Double check that all information is correct.
- Check and click Submit.
Wrapping it Up:
Created memorized transactions can always be accessed and modified easily. When used correctly, this feature can be a game changer to eliminate errors and simplify business processes in NetSuite.
We hope you enjoyed our walkthrough of memorized transactions in NetSuite. If you are interested in learning more or want to talk with an expert please feel free to get in touch with our Plative experts to learn more!