The Status Settings panel is the first panel on a status in the Workflow Builder. You can control the name of the status and other important information.
Control the colour and symbol shown to your users as they enter a status. A description of the actions and events in this status is paramount here.
This checkbox will dictate whether a task in the status appears on the Task Listings. If checked, then it will not be included in the overall counts on the workflow and it will disappear from the listings unless you select the status on the dashboard.