Hi
Bug tracking is not done Module wise. Same bug is tracked everywhere

for Example Take a HDFC Bank module.
As per HDFC polcy we are using MQC 9.0 for defect tracking purpose(Bug tracking).
Step1:- Once we execute the test cases if any deviation accurs in the expected and actual in the test case .we raise a defect in the defect tracking TAB in MQC.

Step2:- we can raise a defect as a NEW status.
Step3:- Then test lead or Sr.test eng will review this defect and he change the status to Open and assigned to respective Developer (who is developing that perticular application).
step4:- Once developer got the defect then he will review and if it valid then he will fix the defect ( if it not valid developer will reject this defect) and he will change the status to fixed or retest (Depending on the MQC customization) and assigned to Tester(Who is detected this defect).
Step5:- Tester will take this defect and execute once again same test cases if the defect is fixed then he will change the status to ACCEPT and assigned to Test Lead.

Step6:- Once test lead got this defect then he will check and he will change the status to CLOSED.

Note:- In this defect tracking time we can follow the severity level and SLAs(Service Level Agreements)

This means
Severity 0 or Blocking or Showstoper:- with in 24 hours we have to resolve.
Severity 1 or High :- 2 days
severity 3 or Medium:- 4 days
severity 4 or Low :- 5 days.

Like we have to follow up all the defects. OK

if you have any clarification regarding this pls contact me.

Thanks
Srinivasulu.Chittoor