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automatically converting a sold product to an asset
When I add a Product to an Opportunity and change the stage to 'Close Won'. How can I automatically convert that Product to an Asset?

you can create "after update" trigger on Opportunity. Check if the status field is changed. Get all the child products and their information like product id, product name etc.. and create Asset record corresponding to each products for that opportunity with all other required fields on Asset to maintain the relationshiop with Account and Opportunity.

Gururaj B, Can you provide the steps on how to do that?