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. In the Item Information window, your custom list and field might look like this:
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 customise using custom lists:
Reports on which you can include custom fields