The following tutorial outlines how to create and edit Locations
To manage Locations go to Binder Management --> Manage Location
You would get the above window giving you the options for adding new locations, renaming them, and deleting them.
To Add a new location, first select the parent location where you want to add a location.
Enter the name of the new location and click on Add location button.
Once you have made a location, you can rename it or delete it. For renaming, select the location to be renamed, enter desired name in the box and click Rename. You can Delete a location by selecting it and clicking on Delete