Can I do Field update on a field with Logged in User ID?
If not, please let me know a work around for that if possible.
Thanks in advance!
Yes you can update field with logged in User Id.
Create a workflow and field update.
In field update, select your field that need to be updated with user id.
Use insert field button or add $User.Id
in your formula.
Now save and activate your workflow and give a try. It will work.
Total Workflow Rules - 500
Active Workflow Rules - 50
For more info : https://help.salesforce.com/apex/HTViewHelpDoc?id=limits_approvals_workflows.htm&language=en_US