As the name suggests, Formula Fields is a way to let users define advanced custom fields which can manipulate data A Formula Field is a type of custom field, whose value is automatically computed by Celoxis based on the formula's logic. It enables users to define complex data manipulations and perform arithmetic, logical or conditional operations on the same. Formula fields, like other custom fields, are available as individual columns in reports., which are all calculated at run-time.
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Let us say your business practice is to take 10% of the budget as an advance. Instead of manually computing it and changing it every time the budget changes, you would like to define a formula field that will compute it as 10% of the budget. To further complicate the scenario, let us assume that your policy is to take an advance of 10% for projects with budget up to $1000 and 15% above that. This further increases the chances of errors in manually computing this field. This is where formula fields come to the rescue.
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