I totally understand what you are saying....   It seems to me, it would be a simple solution for Intuit to name them differently.  Why have two memos if you can't run reports easily to see the notes ???

• memo1  (thing 1)
• memo2  (thing 2) :)

I run into this a lot where I have data in BOTH memo fields that would be helpful to see.   I would love to be able to check both memos under Columns to show on the same report without having to export and add more information.