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A Memorized Reports is a handy way to store a certain combination of report criteria. For instance, say you often run a month-to-date report of Silver Plate items (minor code 5) items from Artcarved, only for Promotional sales (e.g. with the DEPT code PR)
You could make that easier by entering that combination
Then choosing Save As
with a name
To re-run that combination you need only select that memorize report.
For simple criteria such as a date range, a memorized report might not be a time-saver.
By the way, do *not* check the report as automatically selected unless you always want that combination of criteria when you run that type of report. (e.g. Itemized Sales Report is a type of report.)