There isn't a lot you need to setup to get things working. Most of your applications will be automatically tagged according to answers to custom questions. You can add additional tags to applications on a case by case basis as recruiting season evolves. The most important setup operation is to create a rating system.
The rating system we use is straightforward, candidates are flyout, interview, interview if space, reject and notify and hold. I'll go through the process of creating this rating system for yourself. Recruiting committee members will give each application one of these ratings. Remember that you can create any rating system you want using this same technique. If you want to use a scoring system, for example, just enter the integers that you want to represent the potential scores. You can sort according to your rating later.
To begin, mouse over the Home menu item at the top of your page. When you see the Rating menu item, click on it. You should see a page that has a rating called "Unrated". Initially, all applications are marked with this rating. Below this is a box that that allows you to add a rating. Enter