Posting rules: stages, quorums and the approval status field — The approval status lives in a real field

Every step of the journey is written into a Select field you pick — or, if you don't pick one, a field called Approval status is created for you. The builder adds the values it needs as real options: Draft, an Awaiting … value per stage, Changes requested, Approved, Posted. This is the design decision that makes everything else free: "everything sitting with Finance" is a saved view, a board column, a report group and an automation trigger, because approval state is an ordinary field value — not a parallel system bolted on beside your data. By default the field only changes through the flow itself; see Why you can't edit the approval status field.