A formula field is a custom field that automatically calculates values based on other field values. It helps automate data calculations based on a predefined expression using fields, constants, operators, and functions. It updates in real time whenever the referenced field values change, eliminating the need for manual calculations.
For example, the user can automatically calculate the total refund amount using a formula expression with appropriate fields such as the ticket price and the number of tickets, along with the percentage of the amount to be refunded. In this case, the calculation assumes that only 70% of the amount will be refunded:
`{cf_ticket_price} * {no_of_tickets_booked} * 0.7`

Output:
