1. Administering Fast Formulas
  2. Configure Periodicity Conversion Rules

Configure Periodicity Conversion Rules

You can use the predefined periodicity conversion formulas when converting rates for hours multiplied by rate calculations of an element run result. You can also use these formulas for rates based on rate definitions and proration unless you specify another proration formula.

The conversion rule applies to the Flat Amount, Hours * Rate, and Days * Rate calculation rules.

Here's what you can do to use a different value instead of the predefined value for periodicity:

  • Override the default periodicity for the element definition at the element entry level.

  • Create your own periodicity conversion formula.

For example, you can create a formula to specify a different number of working hours when converting annual values into hourly rates.

Note:

As a best practice, if you configure a periodicity rate formula, you should also create a related proration formula.

Configure a Formula

Complete these steps to configure a rate conversion formula:

  1. On the Home page, click the Fast Formulas task under the My Client Groups tab to search for formulas with the Rate Conversion formula type.

  2. Search for and display the rate conversion formula you want to copy.

  3. Create a new formula with the formula type Rate Conversion.

  4. Copy the formula text into your new formula.

  5. Edit the periodicity values.

    For example, if you create a rate conversion formula that uses 7.5 hours instead of 8 hours for the number of work hours in a day, you would edit the periodicity as follows: 

    else if (out_periodicity = 'WORKHOUR') then
 l_amt = (l_year_amt /260)/ 7.5

  6. Save, submit, and compile the formula.

  7. Use the Elements task to search for the element and identify the formula used to calculate the element.

  8. Use the Fast Formulas task to edit the formula.

    Edit the rate converter call, replacing the rate conversion formula name with the name of your new formula.

     CALL_FORMULA( 'RATE_CONVERTER',
 l_rate > 'SOURCE_AMOUNT',
 l_source_periodicity > 'SOURCE_PERIODICITY',
 l_target_periodicity > 'TARGET_PERIODICITY',
 'ANNUALIZED RATE CONVERSION' > 'method', 
/* replace with the name of new formula*/
 l_actual_amount < 'TARGET_AMOUNT' DEFAULT 0)

  9. Save, submit, and recompile the formula.

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