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How can I get the most recent Status to appear on the master record?
You can use the following logic to create a "reverse look up" field. This will allow you to display a text value that lives in the most recent detail record on the master record.
In the current relationship between the two tables, create a Summary field (To learn how, please see our Create a Summary Field help topic.) of the maximum of the Record ID # field.
In the same relationship, create a Lookup field for the newly created maximum record ID # summary field (To learn more, please see our Create a Lookup Field help topic.)
Create a new relationship between your two tables, but with the master/detail order reversed. In Step 3 of creating the relationship, set the reference field to be the maximum record ID # look up field (To learn more, please see our About Relationships help topic.)
In this reverse relationship, create a look up field for the text field whose value you want to bring into the original master record.