Below is an image of a cutout from my 'Deals' Module of some of the data we capture. I want to know if there is a way to insert a formula to automatically drive the "Submission Status" field. Right now it is a drop down with three options, which are "On time, Late, No Quote." I would like the formula to automate this so that if the "Submitted Date" field is BEFORE the "Quote Due Date" field, then the formula changes it to "On Time." And if the Submitted Date is AFTER the Due Date, then it defaults it to "Late." And if the Submitted Field is blank, then it defaults it to "No Quote."

Is there any way to accomplish this? If so can you provide an example?

Seems like there would be a way, and I referenced the attached link for assistance but couldn't make a lort of sense of it.

Thank you