This feature will allow you to give more visibility to appointments. This can be found in the schedule settings in a new tab called tags. 

 To add a new tag you will simply need to press the Add Tag button. This will bring        up a prompt for the name of the tag, the color, and the short name (which can only        be three characters)

To actually use the tags in the system, you just need to click on the appointment and choose any tag from the list. You can have any number of tags attached to an appointment.

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