I have ripped some audiobooks to my itunes library and put the book in a playlist. It works fine this way but if you listen to other playlists and return to the audiobook it does not bookmark so I thought putting it into Ibooks would be a much better option. After spending copious amounts of time trying to move the playlist to Ibooks I have given up and hope you all could help me with this issue. It could be this is not possible and that is fine, I just want to know.
If you highlight the audio book, choose File > Get Info, then Options and set "media kind" to Audiobook and check the "Remember playback position" box, you should be good to go.
David, I didn't even think of looking at that. So simple, thank you for saving me a headache!