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Annual Maintenance Invoicing

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I am currently having all monthly invoices created through CRM.  Our company has contracts where we bill annual maintenance and would like to have invoices created automatically on the renewal date.  How do I create a workflow that checks for the renewal date and then create an invoice?  Also, after the invoice is created, how do I update a field to have the new invoice date? 

OR, is there an easier way to handle this with native CRM functions?

Thanks in advance.


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