If you have the Manage Favorites and Save Favorites permissions (they go hand-in-hand), you have additional favorites functionality.
On your Phocas homepage, two additional options become available in each favorite’s menu (on the far right side):
Edit - Change the name, description and owner of a favorite. You might want to transfer the ownership of a favorite you saved, so another user can manage it. This is especially important if you are leaving the business because if your Phoas account is deleted, the favorites you created will no longer be available to other users.