Definition: Memorized transactions are used in personal finance software to speed up data entry.
When you create a new transaction and choose to memorize it in personal finance software, all the details associated with that transaction such as the total amount and category are associated with the payee for that transaction. When you enter the payee into the register in your personal finance software later on, all details are automatically entered into the register.
Memorized transactions are particularly helpful for cutting down on data entry in personal finance software when entering recurring transactions for payees you do business with often and weekly, monthly or yearly income and expense entries.
Examples:
Since I shop so often at Grocery Mart, I added it as a memorized transaction in my Quicken personal finance software. Now when I enter a transaction for Grocery Mart in Quicken, I just type 'gr' and "Grocery Mart" appears in the payee field and my Groceries category appears in the category field. All I need to do is edit the amount I spent and click on the Enter key to complete entering the transaction.
