Once the quotation is created, the status will be shown as below.
1. Open: Open status indicates that the quote has been created and is being finalized internally or has just been sent to the customer.
2. Sent: The formal quote document has been sent to the customer for their review.
3. Converted: The customer has approved the quote, which often leads to the conversion to a sales order or invoice.
4. Closed: Once the quote is converted to an invoice, the status will automatically change to closed.