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Once an entity is saved, an entity location will be created as well and will become the default location. 

Here is how to Add Another Location on Contacts tab:

1. Open the entity record.
2. Click the Location tab then click Insert button
   
3. Enter the necessary details on the screen. Note that Location Name field is required
   
4. Click Save toolbar button
5. The created location will be available on the selection of default location on Entity tab. 
   
6. When the created location is selected, Location Name, Address, Zip/Postal, City, State/Province and Country fields will be updated as well.