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This tutorial demonstrates how to create a field through the form editor in Microsoft Dynamics 365. The first step is to ensure your security role has the necessary permissions. In this example, a field named "repair insurance" is created under the tailspin toys account. The field properties include the display name, whether it is required, searchable, and options for field security and auditing. Field security can be enabled for field level security, while auditing can be disabled to exclude data from auditing. The data type for the field can be selected based on the desired functionality.