I am, hmm, a little compulsive about organizing things. So I have spreadsheets. One spreadsheet tracks all my manuscripts--wordcount, current status (e.g. submitted 05/10/10 to XYZ, response by 07/10/10), places rejected from, etc. Another tracks all my submissions--date submitted, expected response time, actual response time, reaction. A third is kind of a list of all the places I want to submit a story to.

So "processed" means:
* Spreadsheet 1: Change status to "submit," add rejecting market to Rejected From cell.
* Spreadsheet 2: Add date response received, response, and change row color to neutral (I keep active subs in bright red, acceptances in green).
* Spreadsheet 3: Remove market from to-submit-to list.