Missing the Excel formula and mathematic capabilities? Not to worry! We came up with the formula column just for this. This column allows you to make calculations with other columns. It goes from simple mathematical equation to more complex functions and formulas.
How to add it?
To add it, click on the + icon located on the top right of your board and select "column center".
Once in the center, select the option "Formula" as in the screenshot below:
Once your column added, click inside the column to add your formula.
Can I add a unit for my formula?
Yes you can 😊. You can add any unit before or after your formula. Here is how it works:
- If you want your unit (let's say USD) to show after your formula, input your formula and then add & "$"
- If you want your unit (let's say USD) to show before your formula, start with "$" & and then add your formula.
Can I format my formula?
You can format your result exactly the way you want it to look like by using the formula TEXT. Let's take an easy example: I have want to multiply 10 by 1250 and I want my number to show the following way: $12,500.00.
Each # represents a number. I have added .00 by the end because I want my formula to end by .00 but you can replace this by .## if you want your number to end with proper numbers.
Can I add a sum at the bottom of my formula column?
Yes you can! Exactly like for the numbers column, you can see the overall calculation for each group.
By clicking on this box, you will also be able to change the unit and the function as below:
Use Cases for sales teams
Calculate the monthly commissions of each sales representative
In this example, I want to calculate the total amount of commission made per employee per month in £.
Calculate the monthly commissions with conditions
Calculate if your employees are entitled to get a bonus. An employee can get a bonus only IF the "total sales" is higher than $350,000 AND IF the amount of deals is higher than 12.
Calculate the monthly change % between two values
I want to calculate the monthly change between the results of January and February.
Use Cases for budget planning
Calculate the roll-over budget
Calculate the rollover budget (planned cost vs. actual cost) to see how much money you have left for a project.
Calculate the total expenses of a project
We are sending some of our employees to our NYC office and have a few expenses to take into consideration: the flights, the insurance, the hotel and the food expenses.
Find if your total expenses are over budget or in budget
My budget is $6500 per employee. I want to find out if the total amount I spent for each employee is in the budget or over it.
Cost calculation of a project
I want to calculate the cost to perform a task based on the fee per hour and the total amount of hours
Calculate the profit margin
To calculate the profit margin of each of your project, you need three data: the revenue, the cost and the profit. From there, you apply the following formula:
Calculating the billing rate based on the time tracking column
Calculate the average between several number columns
In this example, we want to calculate the average of the grades for the last 4 weeks
Use Cases for inventory
Keep Track of your inventory
You can easily manage your inventory with monday.com. This example explains you how to calculate your current available stock and how much were sold in percentage.
Keep Track of your shipments
This simple formula allows you to keep track of your shipments and easily find out if they are good to go in transit. There are a few options to calculate it but the most frequently used one is the following:
Use Cases using dates
Get the number of days between two dates
Get numbers of days between two dates excluding the weekends
At monday.com, we are using a vacation board to keep track of everyone's holidays. We use the formula column to see how many working days each team member will be missing.
Get the countdown between today and the due date of your project
I want to know how many days remain until the due date of my task.
Adding/Subtracting days to a date
In this example, we want to add 15 days to each date from the column "start date". This first formula will show you a result unformatted which might look a little clunky.
This is why we recommend to use the below formula. The result is formatted and will look cleaner in your board.
Some other useful use cases
Get a status according to the creation log of your tasks
In this example, I want to see if my bug is urgent or if it can wait. If the bug has been added more than 7 days ago, then it is urgent, if not, it can wait.
Get a value based on several conditions
If the student got 80 or more at his test, the result is "Excellent". If the result is above 50, it is "good". If it is above 30, you"can do better". If the result is below 30, then it is "terrible".
Calculate a risk map for your investments
Create a risk map to estimate if an investment is high risk, medium risk or low risk. For that we need two data: the risk impact and the probability of the event happening. You can then add a status column to categorize each type of investment.
If you have any further questions about the formula column please don't hesitate to reach out to our customer success team at firstname.lastname@example.org! We are here for you 24/7.