An "Open Avail" is simply a spot record with asterisks (****) as the cart number. If you choose to insert an Open Avail in the log from the insert item list, no dialog is presented as there's no information for you to edit. An open avail on the log appears as a standard spot (cart) record with the 4 asterisks as the cart number.
To edit an Open Avail, press the [F3] key and the standard Spot Dialog will be presented. You can search the for open avails using the [F8] and [Shift-F8] keystrokes. See the Reference section on keyboard shortcuts for a list of available shortcuts when working with a log.