To resolve this, follow the steps below:
1. Navigate to Lists > Search > Saved Searches > New > Item.
2. Under the Criteria tab > Standard sub tab, make sure to add the filter below as one of the criteria:
Filter: Transaction Fields... > Account | Description: none of –None-
1. In a transaction search, there is no need to select the criteria as it will display only transactions pertaining to the item.
2. Enhancement 205584 is logged to address this.