System Status 
System statuses are predefined - that is, they are statuses set by the system which affect whether particular business transactions may be carried out or not.
The three system statuses that determine this are:
Created
Released
Closed
Example
In status Created, you may budget, but not post to G/L accounts. Budgeting usually takes place before the start of a fiscal year. When the fiscal year actually starts, status Released is set. This allows G/L account postings, and other transactions, such as material purchase orders. The status Closed is set towards the end of the fiscal year. This prohibits all business transactions.
If you have changed a system status, you can reverse the change, so that you can use particular business transactions again.
Status management
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See also: