Thank you...one small change and I got what I needed.

Thanks again for your help.
Daniel

update a
set a.nchange = 1
from bdgt_m a
     join (SELECT DISTINCT bdgt_m_deleted.cacctid, bud_new, bdgt_m_deleted.ddeleted
                  FROM bdgt_m_deleted
                  INNER JOIN (SELECT cacctid, MAX(ddeleted) AS ddeleted
                                     FROM bdgt_m_deleted GROUP BY cacctid) Tbl1
           ON  bdgt_m_deleted.ddeleted = Tbl1.ddeleted) B
on a.cacctid = b.cacctid
where a.bud_new <> b.bud_new