To update any standard or custom picklist field:

1. Navigate to the fields page for your object.
   •  For standard objects, (accounts, contacts, events, tasks), click Your Name | Setup | Customize | Accounts | Fields, then click the name of an object..  
   • For custom objects (matters, billings, invoices, payments, etc), click Your Name | Setup | Create | Objects, then click the name of an object.
2. Click the name of the picklist you want to update.
3. In the Picklist Values section, click Edit next to a value.
4. In the Picklist Edit page, you can change the name of the value and make the value the default for the master picklist. You can also assign a color for use in charts by clicking the Color button. To assign a color dynamically when a chart is generated, click Assign color dynamically.
5. Click Save

The maximum number of entries you can have in a standard or custom picklist is determined by the total number of characters allowed in the picklist, which is 15,000 characters. Note that each entry includes a linebreak and a return character that are not visible. These two additional characters per entry are counted as part of the 15,000 character limit.

Additional limits apply to both standard and custom picklists.

For standard picklists, entries can be up to 40 characters, not including line breaks and returns. For standard multi-select picklists, the total number of characters for all entries cannot exceed 255.

For standard picklists in organizations that use record types or the Translation Workbench, you can have an unlimited number of entries with the following exceptions for special picklists.

Within the 15,000 total character limit, custom picklists can have:

• Up to 1,000 entries
• Up to 255 characters per entry

Custom multi-select picklists can have:

• Up to 150 values
• Up to 40 characters per value

Note that for multi-select picklists, users can select up to 100 values at a time on a record.