UPDATE table2 
SET table2col1 = table1.col1, 
table2col2 = table1.col2,
...
FROM table1, table2 
WHERE table1.memberid = table2.memberid

will the above query help me to update fields from one table to fields in another table base on a common id between the two tables?

Yes, your query will work.

Adam_K is correct as usual. Try it out and lets know your result.

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