Renewing an Asset
Renewal is the most common and efficient method of retaining current customers while driving growth and revenue for your company. By extending an agreement, asset renewals reduce the scope of pricing problems. When you renew an asset, you are essentially regenerating the asset life cycle for a new duration. You can renew a standalone, standalone-with-attributes, or bundle-with-configurations asset from the Product Catalog page.
The Renew action is only available for products/assets with Price Type set to Recurring/Usage. If the asset's status isn't activated or if it's already in the cart for another action based on assets, then the Renew action will be disabled.
- Go to the asset product.
- Click the Renew action on the product card.
- Adjust the renewal end date or use the existing term to renew the product.
- Click Renew. The product is added to the cart.
- Go to the cart and make any necessary modifications to the asset.
- Go to the product configuration page to change the configuration (change the quantity, add and remove bundles, options, option groups, etc.).
- Follow the quote and order flow.
When the order is activated, renewal assets are generated. Refer to the different line statuses while adding and removing bundle, option, and option group:
- The overall status for the asset product is RENEWED on the Cart, Quote, and Order details page.
- You cannot change one-time options. The line's status is displayed as Existing for those options.
- You can switch options, and select additional options & option groups, and attributes.
- When you change an option, the existing option's line status is displayed as Cancelled, and the newly selected option's line status is set to New. The cart displays both options with Line Status = Cancelled and New with the newly selected option within the option group.
- When you select a new option without switching an existing option, the existing line's status is displayed as Existing, and the newly selected option's line status is set to New.
- When you update the quantity of the existing option, the existing option Line Status = Amended.
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Asset Product Status on the Cart, Quote, and Order details page |
Line Status (bundle, option, and option group) |
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For non-active carts, all line item fields are read-only during Renew action. To edit the line item field, active the cart.
For active carts, specific line item fields like Selling Term, Quantity, Start Date, End Date, Adjustment Type, Adjustment Amount, and custom fields are editable during Renew.