"Reason for loss" field properties: 

The field provides predefined options that can be customized as per an organization's requirements. You may add new fields, edit existing fields or delete them. 

For existing users: The picklist field will be accessible in the "Unused fields" section on the Deals module. Users can manually add them to the layout to permanently replace the "Reason for loss" descriptive field. In case the user continues to use the layout without making any changes, the prevailing descriptive field will be removed automatically within December 2, 2022.