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You can rearrange items in a lookup list by using the cut, copy, and paste feature. This functionality is similar to that found in most word processors: a lookup item is removed (cut) or duplicated (copy) at one location, then added (paste) to another location in the list.
Any child items are automatically included in all cut, copy, and paste operations.
To cut, copy, and paste a lookup item
If the list is single level or you wish to paste it to the top level, you do not need to select any item in the list.
—or—
Click Paste Top Level to add the item to the top level.
Repeat steps 3 to 6 to cut or copy and paste other items.