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Can an element name be changed after it has already been processed in a payroll?

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During implementation an absence element was created for unpaid military leave but was named Military Leave. I see that we can "correct" the Element Name, Reporting Name, and Description on the element, but cannot correct the Element Code. What are the implications, if any, if we "correct" the Element Name, Reporting Name, and Description on the element to read as Military Unpaid Leave? Should we just create a new element with the name we want to use going forward?

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Oracle Fusion Cloud 23B

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