If you are in a Deal you can perform many different actions:
- Add or edit Business Data
- Set a closing probabiliy for the Deal
- Set a Status for your Deal
- Add notes for any important information you want to stand out.
- Upload documents and set its visibility
- Add Tasks and/ or Automatic tasks
- Create a Case
- Tag them, same as with contacts.
If you want to know how to create your own Deals status please check the article: How can I edit my Deals status?