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Look up field update

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Hey guys,

I'd like to know what's the best way to update data from a look up field.

Scenario: At the account level I have this field called Territory which is a lookup field referring to a Territory entity. I have some fields that are populated with Australia North and Australia South and need to replace them with Australia. What's the best way to do it so I do not loose the data. I haven't created Australia in the entity. Workflow, excel upload other suggestions.

Thank you


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