RMA link brings you to a page to create a copy of an order. The new order will be called "RMA-orderid" and will be in the Open Orders list. It is intended for shipping out replacements for defective, lost or missing items.
You can ship the RMA order, or you can put the RMA order on hold if you need to wait for returns to come in. You can put a note on the order about why it is on hold.
Hold orders are in Hold queue. They are not visible in the Open Orders list. From Hold list, you can generate postage paid USPS / UPS return shipping labels to send to customers for the return shipment. Make sure you check your Hold queue from time to time. Once you get the return, click on "options" and change the order back to normal queue and it will be back in Open Orders list ready to be shipped out.