Templates are the starting point of any process in Parallel.
The parallel is a form that can help you collect information or generate documents.
The difference between the two is that the template contains the structure or "skeleton" of your processes. While the parallel inherits that structure and allows you to complete that "skeleton" with the data of a specific customer.
What happens if I edit the parallel?
Let's imagine that I have used the "Know your customer (KYC)" template and created the parallel "Binford Company KYC".
Since it is a parallel for Binford, the changes I make to it, will affect only the Binford KYC and, if I start another KYC with Acme Company, I will not see these changes.
If I want to change the information I ask for in all KYC, I will edit it from the "Know your customer (KYC)" template and then, when I use it, I will see those changes.