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Account Saved Search, trying to pull the Subaccount Of field and whenever I put the id {parent} as a formula text it says field not found 

Account saved search is very frustrating. Most of the fields are not available.

Here's what I did to get the Parent Account Name (adjust as needed):

CASE WHEN {name} LIKE '% : %' THEN REGEXP_SUBSTR({name},'\D[^:]+') ELSE NULL END

You can also use SuiteAnalytics Workbooks since most/all of the Account fields are available there unless it has to be in saved search format.

I understand the first portion well, could you walk me through what the \D[^:]+ does? 

It's called regular expressions. There are plenty of resources on the net regarding this.

\D match any single character that is not a digit (0-9)
[^:] do not match a ':' (separator of parent and child accounts)
+ match one or more

So it ignores the Parent Account Number and it starts to match the Parent Account Name until it reaches the :

You might need to adjust this depending on your account naming convention, requirements, etc.