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Magento Stock 1.9 stock allocation and orders packingslips

Magento Stock 1.9 stock allocation and orders packingslips

Hi guys I am a little confused with the stock management of Magento. Like say we receive an order whats the trigger that will tell us that the order is ready to be sent out and a packingslip can be printed ? 

 

Likewise, How would I be able to tell if an order is in backorder ?