# Amending, renewing and canceling managed assets

*Revenue Management Consultant Study Guide · Asset Management · Last updated October 29, 2026 · https://www.certifyforce.com/study-guide/revenue-management-consultant/asset-management/amending-renewing-and-canceling-managed-assets*

What amend, renew and cancel do to a lifecycle-managed asset: the quote or order each creates, what carries over (price book, currency, attributes, auto-renewal), where the renewal term comes from, and how expired assets, one-time products and expired bundle components behave.

- Certification: Salesforce Revenue Management Consultant
- Exam section: Asset Management
- Study guide: https://www.certifyforce.com/study-guide/revenue-management-consultant

**Official exam objective:**

> Explain Asset Management core concepts and capabilities.

## What the exam expects

- Explain what amend, renew and cancel are for and which assets support them.
- Predict what an amendment or renewal carries over: price book, currency, attributes and auto-renewal.
- Find where a renewal's term comes from (asset or contract) and fix a renewal that is blocked for missing terms.
- Renew an expired asset with a later start date and describe the gap it leaves.
- Handle one-time products, expired bundle components, bundle parents and opportunity creation on cancellations.

Key terms: **amendment** (a change to an asset's quantity or configuration through an amendment quote or order); **renewal** (continuing service for a new term through a renewal quote or order); **cancellation** (ending an asset from a chosen date); **Renewal Term / Renewal Term Unit** (asset fields that set the default renewal length); **Override Renewal Term** (the prompt option that picks a later renewal start date).

## Key facts

| Fact | Detail | Source |
|---|---|---|
| Supported assets | Only assets created through order activation | [Amending, Renewing, Canceling](https://help.salesforce.com/s/articleView?id=ind.qocal_manage_assets_in_revenue_lifecycle_management.htm&language=en_US&type=5) |
| Price book and currency | Fixed to the initial sale | [Lifecycle Considerations](https://help.salesforce.com/s/articleView?id=ind.qocal_asset_lifecycle_considerations.htm&language=en_US&type=5) |
| One-time products on renewal | No Change, zero quantity, not assetized | [Lifecycle Considerations](https://help.salesforce.com/s/articleView?id=ind.qocal_asset_lifecycle_considerations.htm&language=en_US&type=5) |
| Bundles in the viewer | Select the parent asset | [Amend with the Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_amend_assets.htm&language=en_US&type=5) |
| Renewal term source | Asset or associated contract | [Renew with the Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_renew_assets.htm&language=en_US&type=5) |
| Expired bundle components | Stay on renewals until canceled | [Renew with the Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_renew_assets.htm&language=en_US&type=5) |
| Late renewal gap | New state period with zero quantity | [Renew Expired Assets](https://help.salesforce.com/s/articleView?id=ind.qocal_renew_expired_assets.htm&language=en_US&type=5) |
| Expired-asset permission | InitiateRenewal API permission set and Sales Rep persona permissions | [Renew Expired Assets](https://help.salesforce.com/s/articleView?id=ind.qocal_renew_expired_assets.htm&language=en_US&type=5) |
| Cancellation opportunity | Optional only when Create Quotes Without a Related Opportunity is true | [Cancel with the Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_cancel_assets.htm&language=en_US&type=5) |

## Check yourself

- When should you refresh decision tables before an amendment?
- Which date can't change on a termed subscription during an amendment?
- Which permissions does a rep need to renew an expired asset?
- When does a usage-based renewal quote carry the asset's negotiated rates?

## Sources

- [Amending, Renewing, and Canceling Assets](https://help.salesforce.com/s/articleView?id=ind.qocal_manage_assets_in_revenue_lifecycle_management.htm&language=en_US&type=5)
- [Amend Assets with the Managed Asset Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_amend_assets.htm&language=en_US&type=5)
- [Renew Assets with the Managed Asset Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_renew_assets.htm&language=en_US&type=5)
- [Cancel Assets with the Managed Asset Viewer](https://help.salesforce.com/s/articleView?id=ind.qocal_cancel_assets.htm&language=en_US&type=5)
- [Renew Expired Assets](https://help.salesforce.com/s/articleView?id=ind.qocal_renew_expired_assets.htm&language=en_US&type=5)
- [Asset Lifecycle Considerations](https://help.salesforce.com/s/articleView?id=ind.qocal_asset_lifecycle_considerations.htm&language=en_US&type=5)
- [Manage Assets in Revenue Management](https://help.salesforce.com/s/articleView?id=ind.qocal_view_and_manage_assets.htm&language=en_US&type=5)
- [Create or Update Asset From Order Action](https://developer.salesforce.com/docs/atlas.en-us.revenue_lifecycle_management_dev_guide.meta/revenue_lifecycle_management_dev_guide/actions_obj_create_update_asset_from_order.htm)
- [Asset](https://developer.salesforce.com/docs/atlas.en-us.object_reference.meta/object_reference/sforce_api_objects_asset.htm)
- [AssetStatePeriod](https://developer.salesforce.com/docs/atlas.en-us.revenue_lifecycle_management_dev_guide.meta/revenue_lifecycle_management_dev_guide/sforce_api_objects_assetstateperiod.htm)

## About the full unit

The "Core concepts", "Exam traps" and "Worked scenario" sections of this unit, its 13 linked practice questions, and unlimited timed mock exams are included with the Revenue Management Consultant pack (USD $19): https://www.certifyforce.com/practice-exams