Oracle Fast Formula is a tool to write formulas using English words and basic mathematical functions to perform calculations or comparisons. You can use information from your database in formulas without learning the database structure or a programming language.
• Fast Formula is an easy way to customize the existing functionality in Fusion Benefits and it hides the complexity of accessing the database tables and columns.
• Formulas can take input from a Global window, a database, or a process, such as a payroll run and they return values or messages.
• Different formula types are used across various parts of Fusion HCM applications such as Payroll, Benefits Human Resources HCM Extracts, Compensation Management, Absence Management and Oracle Time and Labor.
• Formulas are made up of several different components. These can include assignment statements, different types of input including database items, functions, nested expressions, and conditions.
• Fast formulas can be used across various Fusion HCM products to perform payroll calculations, define rules for paid time off (PTO) accruals, calculate absence duration, edit rules for object group population for elements or people and so on.
• There are predefined formulas for some specific purpose such as accrual plans, tax calculations for Oracle Payroll, etc., which should not be modified and can be copied and modified based on user requirements. User-defined formulas can also be created by following Oracle Fast Formula syntax and structure.
• Oracle HCM provides great features like calling Fast Formulas within another formula, using arrays and contexts, and more than 120 different types of formulas to meet the business needs.
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