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A formula is an algorithm that derives its value from other fields, expressions, or values. Formulas can help you automatically calculate the value of a field based on other fields (from Salesforce doc). Formulas can be used in many areas of Salesforce other than just Formula Fields, such as Validation Rules and criteria for Workflow Rules and Approval Processes.

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Two different formula return types, Editing custom formula fields

You can change the formula field to a text formula field instead of a date formula field. Then, change the Date-Executed__c field to display as text. …
smckitrick's user avatar
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Activity with Opportunity Workflow

I do not believe that you can do this with a workflow or formula field, as Activities is a special object. You would need to create a trigger that would then update the linked Opportunity. …
smckitrick's user avatar
1 vote

How to create Lead Owner change Workflow formula?

Check when the rule is evaluated. You cannot use PRIORVALUE when you are have your evaluation set to "created, and any time it’s edited to subsequently meet criteria" Check this out for more info. h …
smckitrick's user avatar