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We added new data fields for new members and we want old members also have them. We want to enter these new data info for those old members who currently do not have. It's very time consuming for us to update it one by one by editing each profile.
Can we just export all members as excel document and enter those new data into the excel sheet and import it back to the WA database?
Yes, absolutely.
This help page should be of use:
http://help.wildapricot.com/display/DOC/Bulk+changes+using+import+and+export