Dear Lee
 
For our database, we've created a version of the Monument thesaurus that includes term relationships, scope notes and preferred/candidate/non-preferred status.  It allows us to add our own candidate terms with scope notes for submitting (if we decide they're necessary) and also to indicate which terms are currently being used.  We also have a "clone" of it to use for the Element (aka Component) part of our database, where there are fewer preferred terms and more candidate terms that we have generated.
 
I have to say we haven't attempted an update procedure yet, and this would require a comparison exercise to ensure all terms currently in use remain the same, or are updated to the appropriate new term. 
 
This was all done in Access 97 and is due for an upgrade soon.  We would be willing to send you the module if it would be any help.
Virginia Baddeley
Sites and Monuments Record Officer
Nottinghamshire County Council

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