Dear Radhika,
My apology for giving the wrong path, fortunately you have followed the correct path for creating of status profile to be used in FM-BCS.
Following is the definition:
Status Management in the Master Data is used to view SAP standard Status Profile and create/copy the same as per your requirement. Following link might help you further
Status management - Funds Management (FI-FM) - SAP Library
Status management in the budget control system (BCS) allows you to subdivide the budgeting in Funds Management into successive budgeting phases. The individual budgeting phases differ in that only certain budget processes can be executed (Budgeting Process in combination with Budget Type). Each phase is mapped in the system as a status. Whereas you define all required statuses and the executable budgeting activities for each status in Customizing, you select the current valid statuses in the current fiscal year in the menu of Funds Management. Budget Phases here for example:
Phase 1: Jul to Sep: only planned budget can be created for all users
Phase 2: Sep to Dec: original budget can be created
Phase 3: Dec-Jun: Only transfer or supplement can be entered etc
Status Management - Funds Management - SAP Library
I hope this serves the purpose.
Regards,
Amar Lal