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Microsoft Dynamics CRM Custom Entities

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Last Modified: 2013-11-24
We have two custom entities in CRM, which I will refer to as Entity 1 and Entity 2, which are related to one another. When a record is created in Entity 2 that is related to an existing record in Entity 1, we would like a radio button field on Entity 1 to be switched from a value of "No" to a value of "Yes." In short, we would like some way to have a field show that there is an existed related record.

Is this possible? if so, how do we go about setting it up?
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