Here you can add/edit/delete your default Order Statuses list.
The default list has three Order Statuses: Not Ordered, Ordered, In Stock/Received.
This list allows you to mark Products in a Project with an appropriate Order Status.
Here you can add/edit/delete Order Statuses using the function buttons. You can also move them up or down in the list.
Once a Product has been added to a Project, the Order Status field, as well as Ordered Date and Received Date fields become available:
You can set these manually within the Project Editor or these fields will automatically be populated when you create a Purchase Order. This is also true for QuickBooks Purchase Orders.