Order Statuses

Go to the System → Localization → Order Statuses

Set wording for the statuses that an order may hold as it is processed through your store. Allows you to sort orders by status (i.e. PENDING to see orders you need to fill today), and change the status to allow the customer to see their order has been processed, shipped, etc.

Default statuses are:

Canceled - an order which was canceled by a customer;
Canceled Reversal;
Chargeback;
Complete - an already processed order (a seller got money and sent product to a customer);
Denied - an order which was denied by payment processor;
Failed - a failed order;
Pending (DEFAULT);
Processing - a processed order (seller got money, but product is not sent yet);
Refunded;
Reversed;
Shipped.
Incomplete - this order status assigned to the not confirmed orders. When customer proceed checkout to the confirmation page but never confirm it

You may edit any messages for language, spelling or even use different words.

Careful with just renaming statuses. Changing meaning does not change functionality. Some statuses are closely tided up with system functionality or payment extensions.