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Changing Registry ID & Name of Existing Third Party

Summary:

Hi Experts,

I would like to understand the Best Practice while Edit the existing Create Third Parties screen

As we would like to have a new Registry ID & Name of Third-Party Organization.

Third Parties Address, Payment Type, Account Details all remains the same and only we are going to have a new Registry ID and a slight change on the Name for existing Third- Party Organization.

Would it be Oracle's Best Practice →

1. Go to Third Parties from Payroll tab

2. Party Type=Organization, Party Usage Code=External Payee and then Search

3. Once the existing Party Name displaces the rows, then click on Edit Party Name

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