I have (among others) three relevant collections on my Kindle:
- Currently reading
- Recommended
- Finished
When I add books, anything I'm particularly interested in, I put into the Recommended collection. That's the first place I look for the next thing to read.
When I start reading, I remove it from Recommended and add it to Currently reading. If, for some reason, a book that I've started doesn't catch my interest particularly, I'll leave it there unless it's total junk, in which case I just delete it
When I've finished, I remove it from Currently reading and add it to Finished, where it stays until I add it to my Books Read list (I keep a spreadsheet in Excel for ebooks and pbooks), and then delete it from the Kindle and mark it as read (custom column) in Calibre.