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Update opportunity field based on Account field

Account Name (from Accounts) is a look-up field on Opportunity. We wanted to update another opportunity field with a value from Account selected in the first field. I know this can be done using a trigger. Trying to simplify this update process and wanted to know if this can be achieved using a field update. Would appreciate any help on this.
Yes this can be done ! I was able to figure it out.

Message Edited by yespee on 10-24-2008 01:06 PM