No it is not in premier.  Enterprise has drop down menus for custom fields, but I do not think that can be implemented for default fields

QB’s data base description uses the item name as the look up (key) field.  That is fixed and can not be changed

The problem in what […]

Resolution for 'corresponded issue: 'QB Pro 2014 Non-Inventory Item List Item vs Description Fields. Is it possible to have the description initiate a drop down list similar to Item field?' available: Yes.

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