Approved Items will show all of the submissions you have approved to be shown on your Classified page.

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Admin View:

Any item, pending or approved, can be managed to update their information and status. To do this, you can click the blue link of an item's name.

Note: For the "Approve this item" field, having this marked will "approve" the item to be in the "Approved Items" list, while having it unmarked will make it "unapproved" and have it on the "Pending Items" list.