If you go to the
Project Tools features page and view the video overview, it explains about half way through the video that projects can be marked with "In progress", "Completed", etc.
It's a vB product, so if you have specific questions about what the software does/doesn't do, then I'm sure the vB staff will be happy to answer your questions. Not that we're not happy to help you out, it's just that it's their software, they offer support through their board, so why not get the answers straight from the horses mouth?
The forum for questions about Project Tools is on the same page as
the rest of their support forums just below the "vBulletin 3.6" category.