Assume that the Account has a Phone number and at least one opportunity, then update the Account Status to Prospect when Account is created or updated.

Module: Account

Event: Create or Update

Condition: Account has a Phone number AND has at least one opportunity.

Action: Update Account Status field to Prospect

Follow the steps below:

1. Navigate to Workflow Homepage and select Account module.
2. Click Create Workflow.
3. Name your workflow.
4. Select Create or Update for Record Event.
5. Select the desired fields, set the conditions (e.g., equals, does not equal) and enter the values. The available conditions can vary depending on the field types. In this example, select Phone that is not empty and Total No of Opportunities that is greater or equal to 1. 
6. Enter Filter Logics to be applied for the working criteria, e.g., 1 AND 2 AND (3 OR 4 OR 5). In general, the logic AND will be used for the condition as a default. 

7. Click on Actions tab and click on create action
8. Select action type to update record.
9. Select Account module – the module that you want to update.
10. Set Field updates – fields that you want to update with the new values, which is Account Status in this example.
11. Set Condition – define the condition for updating the current record. It is required you to specify Record Id field = ${Object.Id}. Record Id is the system field which represents the ID of the record.
12. Click Save.

The Account status should be changed to prospect when you create and save the new record for the Account module with Phone no and Total No of Opportunities.