A custom status may be edited in the system's Settings menu, located in the left main vertical panel. Navigate to the Status secondary menu and then to the appropriate Task or Bug tab.
To edit a status, click on the vertical three dot menu for the specific status and click Edit. Default system statuses will not have the three dot menu as they are not editable. The status description, associated types and associated projects may be edited. The name and parent mapping may be updated if the custom status has not been used in a project yet. If it has been used, the name and mapping fields will not be editable.