The date parameter of the contract needs to be updated every year with same day and month but with current year running.
For example the effective date of the parameter is 3/1/2022 .Once the year is completed and the same date has reached the contract should be able to update dates automatically to 3/1/2023.
Can you please advise if this is possible .and if it is can you please guide through what should be done to achieve this
if this is a parameter, you can modify the date easily by using a maintain request.
If this is the effective date, you cannot modify the value as this is the starting date of contract cycle life and as the contract is alive. The only thing you can do is to close the curent contract item and create a new one with the expected effective date.
I'm not sure to see the business requirement behind this question. Is it in order to generate fee at the new effecitve date ?