Create a Renewal Opportunity in Salesforce

While working as a Salesforce administrator, I was working on the renewal of Opportunities. The company wants to ensure that its Account Managers can easily track when a customer’s subscription is about to expire and create renewal opportunities to manage the renewal process efficiently.

As a solution, I created a flow that creates a renewal opportunity when the opportunity’s close date is less than 30 days. In this Salesforce tutorial, I will explain how to create renewal opportunities in Salesforce using manual and automated processes.

Opportunity Renewal in Salesforce

In Salesforce, Opportunity Renewal allows us to renew contracts or subscriptions. It creates a new opportunity for renewal, using details like the customer’s account and products from the original deal. Opportunity renewal makes it easier to keep track of future business and predict revenue. If you use Salesforce CPQ, it can also help with adjusting contracts or prices.

Create Renewal Opportunity Manually from Accounts

To manually create a renewal opportunity in Salesforce, navigate to the Setup page of Salesforce Lightning and follow the steps below.

1. Navigate to the Accounts tab from the App launcher.

2. Select the Account record in which you have to renew the Opportunity.

3. Scroll down to the section Opportunities and create a new one. There, enter the details, such as the Opportunity name relevant to the renewal of the opportunity. Then select the stage and close date.

4. Enter the opportunity name as {old_opportunity_name} renewal.

5. After this, select the Opportunity type as “Renewal.” If this opportunity type is not available, you have to add the value “renewal” in the picklist field “Type” in the Opportunity object.

6. Select the products and contacts for the renewed opportunity if applicable.

7. At last, click Save to create the renewal opportunity record.

Create a Renewal Opportunity using Flow in Salesforce

To automate creating a renewal opportunity, navigate to the Salesforce builder and follow the steps below.

Create a checkbox field, Auto-renewed.

In this flow, we will require a checkbox field “Auto-renewed.” This field will be referred to as true or false. If the renewal opportunity is not created from the existing one, this checkbox will be unchecked (false).

After creating a checkbox field, follow the steps below.

1. In the Flows setup window, click on the New Flow button. Select the Record-triggered flow option in the next window and click the Create button.

2. To configure the start of the triggered flow, select the Object as Opportunity and Trigger the Flow When “a record is created or updated.”

In the Condition requirements, select the Stage Name equal to develop a proposal and then select the second requirement as the custom field Auto-renewal equals False.

3. Before adding the Create Record element, we need to create two formula variables for this flow. One is for the new opportunity name, and the other is for the new opportunity close date.

(a) Resource for Name of renewed opportunity

• Select the Resource Type as Formula and enter the API Name.
• Select the Data type as Text and enter the formula as {!$Record.Name} + “ – Renewed Opportunity”.
• Check the syntax and click on the Done button.

(b) Resource for new close date of renewed opportunity

• Select the Resource Type as Formula and enter the API Name as CloseDate.
• Select the data type as Date and enter the formula as {!$Record.CloseDate} + 90. Here, 90 is the extended days from the actual opportunity’s close date.
• Check the syntax and click on the Done button.

4. Add a Create record element to the flow and enter the Name and API Name.

In the set record field values, select Manually and select the Object as Opportunity. After this, map the following fields to create a renewed opportunity.

5. Add an Update triggering record element to the flow that will update the checkbox field “Auto-renewed” for the opportunity after its successful renewal.

In the section How to Find Records to Update and Set Their Values select the option Use the opportunity record that triggered the flow.

Then, in the section Set Field Values select the Auto_renewal (checkbox) field as True.

6. After the above configuration, save the flow.

Test the Record-triggered flow

1. To test the flow, click the View Tests button in the flow builder. Then, in the next window, click on the Create button.

2. Enter the name and the API Name. Select the option Updated to run the test.

3. Select the opportunity record you want to renew, then enter the fields  Account Name, Amount, and Close Date.

After this, select the Stage you selected in the Create record element’s Stage name. e.g. Prospecting.

4. In the “setup triggering record,” change the stage to the value you selected for the flow’s trigger condition. In this example, it is “develop proposal“.

5. In the set assertions, select the stage as “develop proposal” and click on the Save button.

6. Click on the dropdown of the test case and select Run test, and view details.

Now, we can see that the test case is passed successfully, and after this activate the flow to deploy it.

This way, we can create a renewal opportunity or renew an opportunity in Salesforce using record-triggered flow in Salesforce.

Conclusion

In this Salesforce tutorial, we learned about opportunity renewal in Salesforce, including the manual and automated methods. According to the above scenario, we created a record-triggered flow that will renew the opportunity when the trigger conditions are true. After that, we also created and ran the test case successfully to check the flow’s functionality.

By now, you will be able to renew opportunities in Salesforce by manual and automated methods and manage the opportunities more efficiently.

You may also like to read.

• Add or remove Opportunity Team members with Data Loader in Salesforce
• Clone Opportunity in Salesforce
• Set Up Opportunity Teams and Opportunity Splits in Salesforce
• Display Account Fields on an Opportunity Record Page in Salesforce

Abhijeet

Abhijeet is a skilled Salesforce developer with experience in developing and integrating dashboards, data reports, and Salesforce applications. He is also skilled at optimizing processes and flow automation processes, coding, and executing complex project architecture. Read more about us | LinkedIn Profile.