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  • Tufayel Ahmed 14
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Calculating Next Renewal Date

We have a field called "Initial Contract Signature Date" which is a date field. This field records when the initial contract is signed. A contract can be auto-renewed monthly or annually which is indicated by a number field "Renewal Term Months". I would like to create a new formula field that calculates the "Next Renewal Date".

So if it is a 1 month renewal term, and initial contract date is 12/1/2020, then the "Next Renewal Date" would be 1/1/2021. However, I would like it to automatically update to the next month when 1/1/2021 has passed... so when I log in on 1/2/2021, the "Next Renewal Date" would update to 2/1/2021.

This would also work the same manner if it is 12 month renewal except the year would update to the next year. So if initial contract date was 1/1/2020 and the renewal term months is 12, it would show 1/1/2021. But when I look at this date again on 1/2/2021, this should automatically update to 1/1/2022.

Any help is appreciated.