Ye, you'll find some help in the user manual [F1].

Idea is that you can add a "Situation" on each Financial item.
It is an information additionnal to the status.
You can define "standard situations" in a list, or add new situation as a comment.
So for instance, on a Quotation that is "in progress", you can follow each step/progress in the elaboration of the quotation.
Opposite to the status, you'll see the history of situations on the item.
Then you'll have Project situation screen, where you'll see 1 line per project, with the last situation (for last updated financial item).
Clicking on this line will show you the list of financial objets for the project, with that situation for each object.