Resolution

Within Asset Maintenance > Setup Center > Miscellaneous Codes, there are multiple programs that can be used to create custom status' for assets

Custom Status: Create custom status codes for Asset Category FLEET - Fleet and all user defined asset categories
Equipment Status: Create custom status codes for Asset Category E - Equipment
Facility Status: Create custom status codes for Asset Category F - Facility
Infrastructure Status: Create custom status codes for Asset Category I - Infrastructure
Street Status: Create custom status codes for Asset Category S - Street
Technology Status: Create custom status codes for Asset Category T - Technology

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