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NetSuite Professionals

Do date formulas not work for item saved search emails? I have the exact same formula in 2 different saved searches, it works properly in the transaction saved search but not in the item saved search.

Formula: `<%=TO_CHAR({today}, 'MM-DD-YYYY')%>`

Transaction Output: `12-04-2023`
Item Output: `&lt;%=TO_CHAR({today}, 'MM-DD-YYYY')%&gt;`