Based on another field how to automatically update another field?

[OsmandFernando]

Dear @PowerAddict and other experts, 

I am now at the last stage of my ERP. I want it to have more automation

e.g in the below screen shot you can see that there is a field as Loan status. I want that field to update automatically as closed when Loan outstanding is 0

Is it possible ?

Your humble student

Osmand

[mdevaney · Accepted solution]

@OsmandFernando
I assume there are only two options for loan status: open and closed. Could you make loan status a calculated field in SharePoint having this formula?

IF([Total Outstanding]=0,”Closed”,”Open”)

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[OsmandFernando]

Wow @mdevaney  what a brilliant Idea. 

Thank you sooooo much

Osmand