Fast Formula is a powerful tool. While there are many types of Fast Formula, in this Document we will be discussing the use of the Fast Formula Type “Payroll Calculation.”
- We’ll discuss relationships between Fast Formula, Formula Results, Global Values, UtilityApplication Lookups (Quick Codes for those of you not on 11i) and Input Values.
- We’ll begin with a quick evaluation of the Seeded Elements and the related Fast Formulas.
- We’ll develop a simple deduction element that has both a percentage and a flat amount that can be withheld.
- We’ll develop a bonus element that will generate multiple types of bonuses that can be costed differently.
- We’ll develop a pretax refund element that will generate multiple non-recurring elements, including the option of updating an Employer Match, using one element.
While this is may be a complex setup, it will eliminate the need for your users to remember when they have to use one element versus another for the “same” deduction or “type” of Earnings. Your users will love you!