Create and Use Custom Fields

You can create a custom field either by choosing Formula, Function, Text Function, or Date Function from the Type options available in the Custom Field Builder.

Functions and Formulas are similar in that they both return a result based on the calculations that each performs. The difference is that a function is a built-in operation, such as SUM, AVERAGE, etc where as a formula is something that the you define, such as (value of a + value of b)/100. Formulas can be as simple or as complex as the user wants. A formula can contain values, references to cells, defined names, and functions. In summary, a Formula is any calculation, but a Function is a pre-defined calculation.

Text functions can be used in several ways. They can return the number of characters in text strings, remove extra characters, return exact position within a string, and even combine text from other cells.