You can make entries for the custom fields you've named and choose which custom list you want this item to be displayed on.
As an example of how you might use custom lists and fields: if you store items in several warehouses, you might create a list of all your warehouses. To indicate the location of your stock of this item, you'd choose the appropriate location from your custom "Warehouse" list. If you track the location of items on your sales floor, you could create a custom field called "Location" where you could indicate where you display the item.
The Item Information window contains three custom lists and three custom fields. You can enter names for custom lists and fields using the Custom List and Field Names window- Item view . You can add entries to each custom list using the Custom Lists window - Item view.
Reports you can customize using custom lists:
Analyze Sales (Item)
Analyze Sales (Item - vs. Last Year)
Sales (Item Summary)
Sales (Item Detail)
Purchases (Item Summary)
Purchases (Item Detail)
Analyze Inventory (Summary)
Auto-Build
Price Analysis
Price List
Sales History Reports (OfficeLink)
Reports on which you can include custom fields
Analyze Sales (Item)
Analyze Sales (Item -vs. Last Year)
Sales (Item Summary)
Sales (Item Detail)
Purchases (Vendor Detail)
Purchases (Item Summary)
Purchases (Item Detail)
Analyze Inventory (Summary)
Analyze Inventory (Detail)
Auto-Build
Inventory Count Sheet
Items List (Summary)
Items List (Detail)
Price Analysis
Price List
To Do List (Stock Alert)