The Formula Derived Item Screen is for defining the formula for a specific Formula Derived Item, as well as indicating if you wish to include this item in the valuation extract file.
- Description: space to provide a description of the Formula Derived Item.
- Formula: space to enter the actual formula to be calculated. For more information about Formulas and the list of possible functions, go to the Formula Functions screen.
- Rounding of Formula Result: use the Rounding Type, Rounding Unit, and Alternate Unit fields to indicate how to round the result of the formula.
- Allow result to be calculated beyond date of termination: check this box to allow the formula to be calculated beyond a Person's date of termination. By leaving this unchecked, the formula is cut off as of date of termination. Generally, this box should be checked except in the case of items involving service or accrued benefits.
- View item in QuickCalc: this function is currently not available.
- Advanced: click the blue Advanced button to open the Advanced Settings window, where portal and calculation settings are located.
- Val Extract: click the blue Val Extract button and fill out the resulting screen to indicate if you wish to include this Formula Derived Item in the valuation extract file.
To include this field in the extract, select the column it should be displayed in and enter the label you wish to use in the Column Header box. Up to 20 items are possible including selected Account Definitions. If the item does not need to be included, make sure no column is selected here.
