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The "QUOTE APPROVAL TYPE" purchasing lookup type has the access level as "SYSTEM". The access level restricts changes that are possible to a lookup type. The possible levels are:
System - No changes to the lookup codes are allowed.
Extensible - New lookup codes can be added. However, you cannot modify seeded lookup codes.
User - You can change any lookup code.
In order to add a new lookup type i beleive you need to go for form customization.
Thank you very much for your inputs. Well that sounds good. We need to go for customization.
Thanks & Regards,