Before Modified Work Flow Based on Look Up Field (Parent Account Name)

 Hi All,

   We have scenario under the account object where I have a field called status with values "Stand Alone" and "Subsidiary". When an account has a parent account name linked to it this field should show as "Subsidiary" else if parent reference is not there it should be displayed as "Subsidiary"

To get this requirement done, I wrote two workflows

1.First workflow (before modified record saved) which will check if "Parent Account" <> NULL. In the actions I added I updated the this status field to "Subsidiary"

2.Second workflow (before modified record saved) which will check if "Parent Account" is NULL. In the actions I added I updated the this status field to "Standalone"