Flag Items in Inventory

We are using 3.00.632 and are wondering if there is a way when we put items
on hold in the system to flag them so the shipping dept will not ship them
or when we look at part tracker they do not show up as on hand. I know we
can put them in a different warehouse but unless you look at the location
they show up as normal. Any help or thoughts. Thanks

L. D. Eates