SalesForce - "Account" status tracking and sub-categories?

I am looking to see if there's a way to add some account status fields to the main account screen.

So this would be for prospect Account status.
Right now I don’t see a way to categorize a prospect in SalesForce so that we can look at the targets and get a summary of where each is in the sales process. Examples:
Primary categories with subcategories:
-      Prospect
o      Actively prospecting
o      In sales process
o      Delayed process
-      Client
o      No addtl opportunities
o      Other ops to prospect
-      Not prospecting
o      Exiting mortgage
o      Captive amc
o      Panel direct
o      Lost client
o      Too small
o      Other

Opportunity pipeline steps are what are used to track opportunities not accounts -- I need to track at the account level. Here is the hierarchy:
Accounts are distinct bank names, such as Bank of America
Accounts can have numerous leads or opportunities- such as default servicing or REO or origination and it is very important to track accounts separately from leads or opportunities.

Would I need to work with any custom fields in Setup > Account? They have as standard that may work if we could rename and add either a description or sub-category, is that possible?
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lcohanDatabase AnalystCommented:
Wouldn't be enough to just use one of the already existing "prospect status" as the "Account status"?

 o      Actively prospecting
 o      In sales process
 o      Delayed process

assuming at least one must be set otherwise it won't be even qualified as a "Prospect"

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