A note captures your thoughts and activities (phone calls, interviews, etc.) related to this resume. If viewable company-wide, this can be a great tool to ensure that your colleagues know the history of a resume before a candidate is engaged.
Update the status to keep track of a candidate’s progress through the hiring cycle. This provides a quick and easy way to know exactly where a candidate stands with a particular position. It can also be very helpful if a colleague is unavailable and you need to follow up with his/her candidates.