The Account Status feature lets you create an account or contact status field and control this field based on related objects such as Leads, Contacts or Opportunities. A daily batch can be scheduled to run and update the specified field with the indicated value.
To begin, launch the Account Status feature from the Lane Four Launcher. The first tab lets you create a new formula for Accounts. Click Create New to specify the source object and source field along with a value.
Account Status field lets you determine the desired status of the account. In the Destination API field, paste the field’s API name of the account status field.
Similarly, the Contact Status Formulae tab allows you to set a Contact Status based on an Opportunity Stage.
Click here to download a spreadsheet that can help you manage contact status and account status values using the above steps. If you would like to update a contact status based on an Opportunity stage, navigate to the Contact Status Formulae tab and create new.
Enter a number in the rank field to order the rules in this setting. Set the value of the Opportunity Stage that should be considered when changing the contact status, such as “Interest/Discovery”. Next enter the value that should show on the contact record such as “Working”. The Destination API field should have the developer name of the contact field which shows this value.
Activate it via the IsActive checkbox. It will display in the contact status details once saved.