Smruti is to meditate on the divine actions and incidents of God and His gunatit sadhu. In Vachanamrut Gadhada I-3, Bhagwan Swaminarayan says that by remembering the divine incidents of God and His Sadhu, you will attain moksha (liberation) even if you cannot remember His form or murti.
Devotees from around the world do smruti throughout the day while driving, eating, walking, working, and even before sleeping. They reminisce about moments they have shared with their guru or even those that others have experienced, which through smruti can become their own. The incidental effect of smruti is the happiness it brings to our minds, allaying any negative influences.