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Field Update when a formula field value changes


I have a formula field on Contacts which takes the status(Picklist) value from Accounts, it displays whatever the status value of account is. Now i have to make a field update on one of the check box with change on this status value to one of the picklist values.Is this possible?


You need  to write a workflow, and for the action select field update and in formula editior try the formula given below :


IF( ISCHANGED( status ) , value_if_status_changed, value_if_value_notchanged)