Set up system and custom order statuses. You can color statuses for better orientation

System:

Accepted Automatic, every received order.
Cancel Returns items to the warehouse.
Payment successful Automatic Payment Gateway Status for Successful Payment.
Payment canceled Automatic payment gateway status for canceled customer payments
Payment failed Automatic payment gateway status of incomplete payment.
Unresolved System status for open orders.
Payment is ongoing Payment Status Automatic Payments Status.

+ your own custom statuses.