As you enter transactions, Quicken memorizes the information associated with specific payees and stores it in the Memorized Payee List. When you recall a memorized payee, the Payee, Category, Amount, and other fields are all prefilled, and you can immediately enter the transaction or edit any of the register fields as necessary.
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Here's an example:
You may write a check (Cheque in Canada) to Barden Grocery every week. The first time you record that check in a Quicken register, Quicken memorizes everything except the date and check number and adds Barden Grocery to the Memorized Payee List. The next time you begin typing Barden Grocery in a Payee field, Quicken finds the associated memorized information and enters it in the register for you. You can change the information that Quicken enters—such as the amount—and then record the new transaction. Quicken saves an edits you make (such as the new amount) and updates the memorized payee template (unless you've locked the memorized payee).
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