You can set deadlines up ahead of time so that your tournament status automatically changes.
For example, most tournaments will set a deadline (such as the Tuesday of the tournament at 6pm) for all entries. You can now have the Website automatically "flip the switch" so to speak by setting up a status deadline.
Go to the Setup->Status page:
From there, the second section will allow you to quickly setup deadlines for your tournament. Select which of the options along with the date & time and click save.
You will then see any saved Deadlines under the "Current Deadlines section":
Once the deadline passes, your tournament status will be automatically updated. You will then notice that the "processed" section will turn to Y.
Currently, there is no way to edit an existing deadline. You can either delete the old one (click the X on the row) if you need to change it or just save a deadline of the same type. The program will update the existing deadline with the new information.
The deadlines you setup will be listed on the tournament home page on the right hand side.