Status Field of Installed Base Asset

Summary:

Status Field of Installed Base Asset is missing and not provided OOB.

Content (please ensure you mask any confidential information):

Hello,

we are looking for a way to manage status for installed base assets (Active, Expired, Billed and etc.) and that functionality doesn't provided OOB.

it can be defined by a DFF but then it's can't be searched by easily (not supported for List of Values only open text).

what is the best practice that applied?

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

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