Steps to Customize the form:
-Navigate to Setup > Customization > Entry Forms
-Locate the form where:
a. Type = Item
b. SubType = Discount/Markup
-Click Customize link or Edit if there is already an existing Custom Form used and navigate to Fields tab > Main subtab: unmark the box under Show column in line with the Rate field.
-Hit Save button
Once the form is customized, use the latter form to create the global Discount Item
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