After confirming it as a Bug, You have to post it in bug tracking tool. Then the status of the Bug will be "New". Your team lead or any senior person will review it and if it is really a bug, then he will change the status to "Open". If he confirms that it is not a bug, he will close the bug and change the status to "Closed".

All the Open status bugs will be mailed to the development team. Their team lead will assign the bugs to the corresponding developer. He will change the status to "Assign" and add the corresponding developer name. When the developer fixes that bug, he changes the bug status to "Test".

If the development team lead confirms that this is not a bug, then he rejects that bug with valid reasons. Then the status of that bug will be "Rejected".

If he confirms that this is not required for the current build, but may be useful for the future releases, then he changes the status of the bug as "Deferred". All the Deferred bugs will be considered for future releases

All the Test status bugs will be mailed to the testing team. The corresponding tester tests that bug in the new build or patch and change the status to "Closed" if it is fixed otherwise to "Re-Open" if it is not fixed.

All the Re-Open bugs will be mailed to the development team and then the above cycle repeats.