Purpose:- 

Create your custom column in reports by applying an arithmetic calculation between existing columns and Save it for future reference.

Benefits:-

One significant benefit is increased flexibility in data analysis. Creating custom columns allows you to adapt your reports to different analysis requirements quickly and easily. Additionally, saving these custom columns ensures consistency and reproducibility in your analyses, saving time and effort in future reporting tasks.

Real-time Scenario:- 

Let us consider a real-time business scenario, For example:- If you want to know the actual Profit% in reports, you can create a formula once as per your requirement and it will skip your manual work for calculation.

Pre-requisites:-

Note : -

• ‌Created Formula columns can be used in Export, Scheduler, and charts.

• Created Column can be accessed by other users by enabling public mode for required formula columns.

• Created Formula columns can be edited/deleted by created users only.

Steps need to be followed:- 

Step 1. After opening the reports, click on the sign mentioned in the below image.

Step 2. The Create/edit formula column box will be open

Step 3. You can select or remove inputs from the mentioned options.

After creating the formula, click on the Tick option.

Then click on Update.

Step 4. You will get the confirmation popup for the formula column update.

Step 5. Now you can see the column is added.

Conclusions:-

Making your custom formula columns in reports is super helpful. It lets you customize your data analysis easily, saving you time and effort. By creating these custom columns, you can adapt reports to different needs quickly. Plus, saving them ensures your analyses are consistent and easy to redo later on. This feature is great for making decisions in real-time and improving how your business operates.