I am new to Salesforce and need to know if I am reading this Formula correctly. Am I correct?
IF( CloseDate = Account.npo02__FirstCloseDate__c, "New", IF( Account.npo02__OppAmountLastYear__c > 0, "Renewal", IF( AND(Account.npo02__OppAmountLastYear__c = 0, Account.npo02__TotalOppAmount__c > 0), "Lapsed", "New")))
I believe it is saying that:
If this is the first close date, then it is classed as "new".
If the total opportunity last year is greater than zero it is classed "renewal".
- If the total opportunity last year is nothing AND the total opportunity is greater than nothing the it is true that the class is "lapsed" but it is false that the class is "new".