Automatic date update in a cell when another cell's value changes (as calculated by a formula)



I would like to have a field set up that updates the date every time the 'status' changes in another column. Is this possible?

For example, when a new line item is added and the status column changes to 'on hold' I would like the date the status changed to show in another column. This date will stay the date since the status was put to 'on hold' and the date will only update when the status changes again.

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