Explain Fast formula types

Question

Accepted Answer

Fast formula types are used in Oracle HRMS to calculate values for elements and payroll processing.

There are three types of fast formulas: Balance, Input, and Output.
Balance formulas calculate balances for elements.
Input formulas calculate input values for elements.
Output formulas calculate output values for elements.
Fast formulas can be used in payroll processing to calculate gross pay, taxes, and other deductions.
Examples of fast formulas include calculating overtime pay, calculating vacation accruals, and calculating tax withholdings.