Way2Order is not linked with your 'Inventory' but it provides you an option to inform your buyers about the stock status on a per product per size basis. In Stock, Out of Stock, Low Stock, Low Supply, Backorder are predefined for you but you can rename these as per your requirements.
Stock Status is available in the 'Settings' section. To add a new stock status, click the button 'Add New' & then define the status label text.
Stock Status once defined cannot be deleted.
Toggle stock status visibility to display or remove a stock status from all the products. These changes take effect only after you publish your product data.