The status moves the sale through the day in order, and it controls what you're allowed to do at each stage. You generally don't set it by hand for the whole way — actions like opening the ring advance it for you. The stages are:
Draft — being set up; not yet taking consignments.
Open for consignments — consignors can be booked in.
In intake — animals are arriving and being checked in.
Ring open — the auction is live; lots are selling.
Ring closed — selling is done; office work (invoices, settlements) happens here.
Settled — consignors have been paid out; the sale is closed.
Canceled — the sale was called off.
The status gates the workflow: you can't open the ring before intake, and settlement happens after the ring closes. If an action seems blocked, check the sale's status first.