Fast Formula is a tool used within Oracle’s Fusion Human Capital Management (HCM) suite, part of the Oracle Fusion Applications. It allows for the creation of complex calculations and logic that can be used across various modules within the HCM suite, such as payroll, benefits, compensation, and absence management.
Fast Formulas in Oracle Fusion HCM empower organizations to customize and streamline their HR processes by creating complex logic that caters to specific business needs. Whether payroll calculations, absence accruals, or compensation calculations, Fast Formulas provides a powerful tool to implement custom rules and measures. In this guide, we’ll walk you through the step-by-step process of creating a Fast Formula in Oracle Fusion HCM.
In this Oracle Fusion Fast Formula Guide, you will learn how to create fast formulas in Oracle Fusion HCM.
Explore the Free Fusion HCM Online Training Demo provided by IQ Stream Technologies and discover how it can elevate your career. Join us today.
What is Fast Formula?
Fast Formula is a simple way to write formulas using English words and basic mathematical functions to define business rules in Oracle HCM. It is a powerful and flexible tool that can tailor the application to meet specific business requirements without custom programming.
How does it work?
Fast Formulas are written in a proprietary language developed by Oracle. They can reference database items, perform loops, and make decisions with IF statements, among other functionalities. The formulas can be as simple as calculating a date difference or as complex as determining eligibility for benefits based on many factors.
Usage of Fast Formula in Fusion HCM
Oracle Payroll Fast Formula is used across various modules to handle complex calculations and business logic. Here are some of the key areas where Fast Formula is utilized:
In Payroll:
- Calculating earnings and deductions
- Determining tax withholdings
- Processing payroll for different groups of employees
In Benefits:
- Determining eligibility for different benefit plans
- Calculating employer contributions
- Managing enrollment periods and rules
In Compensation:
- Calculating bonuses and commissions
- Driving salary increases and adjustments
- Implementing compensation rules and guidelines
Absence Management:
- Calculating leave accruals
- Determining eligibility for leave types
- Managing absence payments
Oracle Fast Formula Examples
Below are some simple Oracle fast formula examples.
- Payroll Calculation for Overtime
INPUTS ARE RATE(Number), HOURS_WORKED(Number), STANDARD_HOURS(Number)
/* Define the overtime rate as 1.5 times the standard rate */
DEFAULT FOR RATE IS 0
DEFAULT FOR HOURS_WORKED IS 0
DEFAULT FOR STANDARD_HOURS IS 40
OVERTIME_RATE = RATE * 1.5
/* Calculate overtime hours */
OVERTIME_HOURS = HOURS_WORKED – STANDARD_HOURS
DEFAULT FOR OVERTIME_HOURS IS 0
/* Ensure we do not have negative overtime hours */
IF OVERTIME_HOURS < 0 THEN
OVERTIME_HOURS = 0
END IF
/* Calculate overtime pay */
OVERTIME_PAY = OVERTIME_HOURS * OVERTIME_RATE
/* Return the overtime pay */
OVERTIME_PAY
- Transformation Fast Formula for Data Load
/* Fast Formula for transforming a data format during data load */
INPUTS ARE INPUT_DATE(Text)
/* Convert the date from DD-MM-YYYY to YYYY-MM-DD format */
OUTPUT_DATE = TO_DATE(INPUT_DATE, ‘DD-MM-YYYY’)
RETURN_DATE = TO_CHAR(OUTPUT_DATE, ‘YYYY-MM-DD’)
/* Return the transformed date */
RETURN_DATE
These are some Sample Fast formulas in Oracle Fusion HCM. If you take up a course in Oracle Fusion HCM, you will learn about these in further detail.
Case Study: Fusion Payroll: How to Create and Modify a Fast Formula
Creating a Fast Formula:
- Identify the Requirement: Understand what you need the formula to do. For example, calculate overtime pay for employees.
- Define the Inputs: Determine what inputs are needed for the calculation, such as hours worked and overtime rates.
- Write the Formula: Using the Fast Formula language, write the formula logic. This will include defining variables, writing calculations, and setting up any necessary conditions.
- Test the Formula: Before deploying, test the formula to ensure it calculates correctly in all expected scenarios.
Modifying a Fast Formula:
- Understand the Existing Logic: Before making changes, it’s crucial to understand the current logic and what each part of the formula does.
- Make the Changes: Carefully make the required changes, ensuring you do not disrupt the existing logic unless necessary.
- Test Thoroughly: After changes, test the formula extensively to ensure that it still works as expected and that the new modifications produce the correct outcomes.
Best Practices:
- Comment your formulas to explain complex logic.
- Keep formulas as simple as possible.
- Reuse formulas when possible to maintain consistency.
- Regularly review and update formulas as business rules change.
Step By Step Process of Creating Fast Formulas in Oracle Fusion HCM
Page 1: Overview and Initial Setup
Step 1: Accessing Fast Formulas
Log in to your Oracle Fusion HCM instance using your authorized credentials. Once logged in, navigate to the “Setup and Maintenance” work area, the hub for configuring and managing your HR processes.
Step 2: Locate the “Manage Fast Formulas” Task
In the “Setup and Maintenance” work area, use the search bar to locate the task “Manage Fast Formulas.” This task is where you will define, create, and manage your custom Fast Formulas.
LEARN MORE WITH FREE DEMO TRAINING
Step 3: Initiate Fast Formula Creation
Click on the “Manage Fast Formulas” task to enter the Fast Formulas page. Here, you’ll find various options related to your existing formulas and the ability to create new ones. Click on the “Create” button to start crafting your Fast Formula.
Step 4: Enter Basic Details
Begin by providing a distinctive name for your Fast Formula. This name should be meaningful and relevant to the logic you will define. Additionally, select the appropriate legislative data group and effective date to ensure the formula aligns with applicable regulations and requirements.
Step 5: Choose Context
Select the context that best represents the area of your HR process where the Fast Formula will be applied. The context is where your formula logic will operate, such as payroll, absence, or compensation calculations.
Step 6: Add Input Values
Define the input values required for your Fast Formula. These inputs can include constants, variables, or values from the application. These inputs serve as the building blocks of your formula logic.
Step 7: Craft Formula Logic
This is where the heart of your Fast Formula lies. In the “Formula” section, you’ll write the intricate logic that shapes the behavior of your custom formula. Utilize the special syntax provided by Oracle Fusion HCM to integrate functions, operators, and built-in variables, creating a sophisticated set of rules and calculations.
Step 8: Testing the Formula
Before deploying your Fast Formula in a live environment, it’s crucial to test it thoroughly using sample input values. Use the “Test” button to validate the formula’s accuracy and reliability. This step helps identify and rectify potential errors or miscalculations before they impact HR processes.
Step 9: Save and Activate
After writing, testing, and refining your Fast Formula, save it. If the formula is ready to be put into action, click the “Activate” button to make it active. This step marks the transition from a concept to a functional component of your HR processes.
Step 10: Attach to Relevant Process
Depending on the context you selected earlier, you might need to attach the Fast Formula to a specific process. This ensures that the formula is executed in the correct scenarios, such as during payroll processing or absence accruals.
LEARN MORE WITH FREE DEMO TRAINING
Step 11: Review Usage and Details
Fast Formulas can have wide-ranging impacts across your HR processes. Use the tool’s built-in functionality to review the formula’s usage and dependencies. This step helps ensure that changes to the formula are made with a comprehensive understanding of its implications.
Step 12: Manage and Maintain
After your Fast Formula is used, you can manage and maintain it as needed. This includes editing the formula, creating clones for variations, or retiring formulas no longer required.
Creating Fast Formulas in Oracle Fusion HCM represents a powerful capability for organizations seeking to tailor their HR processes to their unique requirements. It’s crucial to invest time in thoroughly understanding the logic you’re implementing, testing it rigorously, and maintaining it to ensure the integrity and accuracy of your HR operations. For in-depth guidance and specific syntax, always refer to Oracle’s official documentation or consult with experienced professionals.
FAQs
How do you write a fast formula in Fusion HCM?
To write a Fast Formula in Fusion HCM, you follow these general steps:
Access the Fast Formula Interface: Navigate to the appropriate module in Fusion HCM where you want to create the formula.
Create a New Formula: Start a new formula by specifying a unique name and the type of formula you are creating (e.g., payroll, absence, etc.).
Define Contexts and Inputs: Specify the contexts (which determine when the formula is used) and inputs (data the formula will use).
Write the Logic: Use the Fast Formula language to write the logic of your formula. This includes defining variables, writing expressions, and using functions.
Save and Compile: Save your formula and compile it to check for errors.
Test the Formula: Test the formula in a controlled environment to ensure it behaves as expected.
What is the transformation fast formula in Oracle HCM?
A Transformation Fast Formula in Oracle HCM transforms data from one format to another during data import or export processes. It is often used in HCM data loader (HDL) processes to manipulate data as it is being loaded into or extracted from the system.
What is Get_lookup_meaning in Oracle fast formula?
GET_LOOKUP_MEANING is a function used in Oracle Fast Formula to retrieve the meaning of a lookup code from a lookup type within the application. It converts codes into user-friendly text that can be displayed or used in calculations.
What are the data types in the fast formula?
The data types in Fast Formula include:
Number: For numerical values, including integers and decimals.
Date: For date values.
Text: For string or textual data.
Logical: For boolean values (TRUE or FALSE).
What is To_number in the Oracle fast formula?
TO_NUMBER is a function in Oracle Fast Formula that converts a text string into a number. This is useful when you have a number stored as text and need to perform arithmetic operations.
What is Substr in Oracle’s fast formula?
SUBSTR is one of the many Fast Formula Functions in Oracle Fusion that returns a substring from a text string. It extracts a specific portion of a string, starting at a particular position for a specified length.
What are the data types in the fast formula? (Repeated Question)
As mentioned earlier, the data types in Fast Formula are Number, Date, Text, and Logical. These are the basic building blocks for defining variables and manipulating data within a Fast Formula.
