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Hi Imran, Here's what our SME says:

1)

Definition: A 'Formula Type' in Oracle Fusion HCM is a categorization used to classify and label formulas for specific tasks or calculations within the Human Capital Management system.

Explanation: In Oracle Fusion HCM, a Formula Type is a way of organizing and identifying different formulas. These formulas are used for various tasks, such as payroll calculations or absence accruals. Formula Types are like labels that tell you the purpose of a formula and where it should be applied. They make it easier for users to find and use the right formula for a particular job within the HCM system.

Additional Information: The availability of Formula Types is restricted based on your configuration and work area. For example, when setting up an accrual matrix for annual leave entitlement, you will only see "entitlement matrix" formulas. This applies to different areas, ensuring that you can access the right formulas according to your specific setup. This security ensures you have the appropriate formula types for your HR processes.

2)

1. You can create different payroll formulas for tasks like calculating earnings, deductions, and taxes.

2. Each formula is linked to specific payroll components, like gross earnings or tax withholdings.

3. During a payroll run, the system only uses the formulas you've chosen for that run. It won't calculate all available payroll formulas unless configured to do so.

4. You can set up the payroll run to include the formulas you need based on your payroll policies and requirements.

Having 5 Oracle Payroll-type Fast Formulas means you have created 5 different formulas for payroll-related tasks. However, during a payroll run, not all of these formulas will automatically be calculated. The system will use only the formulas that are configured and designated for that specific payroll run. You need to set up your payroll processes to include the relevant formulas based on your payroll policies and requirements.

3)

 A 'Database Item' is a data element stored in the system's database, representing specific information related to employees, organizations, or other entities. 

When you, as a user, create additional input fields on an element, you have the option to generate a Database item for that field, making it available for all types of inputs. When you create a new element, the system automatically generates Database items for the seeded inputs. Therefore, you only need to focus on creating Database items for the custom fields you've added as a user.

You can create custom elements or fields, often called "flexfields", to store organization-specific data. These custom elements can be configured as database items, allowing you to capture unique information like employee IDs or contact details to tailor the system to your HR needs.

4)

In Oracle Fusion HCM, you can use a database item in a Fast Formula as long as it's defined and relevant to the formula's purpose and context. You can reference the database item by its name in the formula, making it accessible for data manipulation. The key is to ensure that the chosen database item aligns with the specific requirements of the formula. 

Database items are stored with the type of input you created. For example, if you created an input of type Date, it's essential to use a database item of type Date in your calculation or ensure valid conversions within the formula text for similar use.

Thanks!

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Hello Team,

Thank you very much team for providing detail, can you please elaborate more that "You can set up the payroll run to include the formulas you need based on your payroll policies and requirements." Mean how payroll run configured to know that these formulas will take part for payroll run.

Regards,

Imran