Once the order is placed using “Cheque/ Money Order” option, please change the order status labelling as “Outstanding” instead of Pending which is the default Magento status?
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System > Configuration > Sales (leftside) > Payment Methodsgo to the
Check / Money Order
their New Order Status Change to Outstanding instead of the Pending and save
If you not found the status "Outstanding" in the dropdown.
Then go to System > Order Statuses.You need to create "Outstanding" by click on the create new status button and save.
Now click on the Assign status to state button their select the Oustanding from the Order Status and Select New from the Order State and save now.
Now go to System > Configuration > Sales (leftside) > Payment Methods go to the Check / Money Order thier you can see not the Outsanding status