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To create a custom column in the Markups List menu, select columns and then Manage Columns. Choose the Custom Columns tab and click on Add to create a new column. Name the column and select a type from six options: Checkmark, Choice, Date, Formulas, Number, or Text. Each type has specific functions, such as allowing checkmarks, creating selectable options, adding due dates, performing calculations, editing numbers, or entering text. Customize the column format based on the type chosen, including constraints like minimum or maximum values, decimal places, and currency.