This dropdown in Catering > Settings > Proposals tab > Reports defines which proposal statuses count as confirmed business. It is used by the proposal-based reports and by the venue features: only proposals in the selected statuses reserve a venue against other bookings and appear as proposal reservations in the Venues Report. Options: All Events; Signed and Approved Or Fully Paid Or Partially Paid; Fully Paid Or Partially Paid (default); Only Fully Paid. Choose the first option if you want a venue to be blocked as soon as a proposal is signed or even just created.