Smartlist Favorites are great when you want to come back to a set of data that you’ve used before. They are also useful in regular lookups. For example, if you a regularly use certain set of accounts, you can create a Smartlist favorite with those accounts. Then, when you hit the hourglass to lookup accounts, pick the arrow in the upper left and hit Favorites. All your Smartlist favorites are there to better control your lookups. Simply pick the one you want and you have a much smaller list of accounts to work with.
This is not limited to accounts. It works throughout the system with Accounts, Vendors, Customers, just about anything you can lookup in a Smartlist.
Weekly Dynamic: Using Favorites in Your Lookups
Archived post from 2006. Dynamics GP and the links it points to have changed since; check current documentation before relying on version-specific steps.