Material status allow disallow option

Summary:

Created new material status ABC to track new transactions from stores . Enforced it to on site level .

should we allow it track all existing and new statuses

Or it will allow to track only new statues

Or disallow new statuses

Content (please ensure you mask any confidential information):

Version (include the version you are using, if applicable):

Code Snippet (add any code snippets that support your topic, if applicable):