When I refund someone, can I make that show up as the status?

Currently if I order something (as a test) out of my shop, and then refund it, the order still shows up in the order list as "pending" which could be confusing if you have a long list of orders--I don't even see anywhere except in the little comments box in small text "Gross refund Amt: 20.95" but that is after clicking "edit" on the order and then scrutinizing it...

I'd like for refunded orders to list a status like "refunded" or "canceled" or better yet, "canceled and refunded" in the order list. Is there a way to do this? Please say yes...

Admin > Localization > Orders Status > click "Insert" and create your new status.

Thanks! I was able to set it up and it works :D