It took me a hot second to find it as well, but you can update Thespian and Academic Ranks by going to "My Troupe/School/Org", clicking the "three dots" menu and "Manage Roster" - then the "three dots" next to an individual and "Edit Individual"
There are some videos here and the "Updating Student Information" video got me there.
However, yes, you really just keep track of them on your own. You are not required to update them after induction. I like to update the portal for posterity but it is not really a necessity.
------------------------------
Guy Barbato
Theatre Teacher/Director
Leonardtown High School
MD
------------------------------