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.
Explain Asset Management core concepts and capabilities.
~6 min read · 13 practice questions ·
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
- Detail
- Only assets created through order activation
- Detail
- Fixed to the initial sale
- Detail
- No Change, zero quantity, not assetized
- Detail
- Select the parent asset
- Detail
- Asset or associated contract
- Detail
- Stay on renewals until canceled
- Detail
- New state period with zero quantity
- Detail
- InitiateRenewal API permission set and Sales Rep persona permissions
- Detail
- Optional only when Create Quotes Without a Related Opportunity is true
Sources for this section (6)
- Amending, Renewing, Cancelinghelp.salesforce.com (opens in a new tab)
- Lifecycle Considerationshelp.salesforce.com (opens in a new tab)
- Amend with the Viewerhelp.salesforce.com (opens in a new tab)
- Renew with the Viewerhelp.salesforce.com (opens in a new tab)
- Renew Expired Assetshelp.salesforce.com (opens in a new tab)
- Cancel with the Viewerhelp.salesforce.com (opens in a new tab)
- 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?
The questions are free to read. Answers with their sources and self-grading are included with the pack.
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