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Default Value
This setting allows you to set a default value for a custom field. This value will be applied to that custom field automatically. The default value changes depending on the Type selected. For example, If you select a Type of Yes/No, the Default value just allows you to set Yes or No. Otherwise you can enter a string, date, or number value, as appropriate for the Type.
For example, if you create a percentage custom field and set the default to 95.00, when you edit the custom field, it will automatically be filled in with 95.00:
Even if you set a default value, you can always edit the value for any individual instance of a custom field.
For more information on custom fields, see Custom Fields for Accounts, Groups, Households, and Securities.