You can also edit the product list from the terminal (another way which is highly recommended is using the merchant's website).
The step by step process is as below (assuming that you are already in the Files Update Screen):
1. Press L3
2. Select L2 - View/Edit/Del
3. Enter product name or press * or # to view the product in the list
4. Select the product you wish to edit. Press Enter
5. On the next screen, you can edit (L1) or delete (L2)
6. Tap the Master Card to approve the transaction
7. Follow the on screen instruction.
Once you have finished edit/delete the product, please perform F2, L2-Files Update and L1-Update to update the information to the database.