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elossoelosso 

Update Revenue Schedule with Workflow

Is it possible to update a revenue schedule through a 'field update' in a workflow? 

AroraAnupAroraAnup

Unfortunately the Product Schedule table is not available for Workflows and related field updates as of yet, so I don't think it would be possible to update the schedule using a workflow field update. You may want to explore a trigger to do so, if that can be done.