Automatically Update a date when it's in the past
I'm trying to create a formula or workflow rule that updates a date column when the date is in the past. I work on annual renewals so I want the renewal date to change from 9/1/2020 to 9/1/2021 after 9/1/2020 is in the past.
I was able to create a formula in another column that adds 365 days to the renewal date but I don't want an extra column just for this function if I can avoid it and I need to account for leap year.
Is there a way to say, IF Renewal Date is in the past, add one year? or IF Renewal Date < Today's Date, Renewal Date + 1 year?