**Basic Formula Fields **are fields with automatically generated values based on a defined formula. These fields can reference other numeric values in their formula.

- The
**Name**for your currency field will help define what this value represents. **Descriptions**can be a good tool to keep track of further information to describe the field.- The
**Formula**for the field must be defined for the value to be generated upon record creation/edit. Read ahead for further information on the**Formula**portion of this field. - The
**Currency Type**can be selected based on the type of currency that you need to store. - The
**Format**determines the location of the currency symbol in components. **Decimal Place**values can be configured to show the specified number of digits after the decimal in your fields.

The **Formula **portion of the **Basic Formula Field **can be broken down into 3 key components as follows:

**Add**the numeric value from a field in your record, an operation, or a custom numeric value.**Reorder**or**Delete**components**Preview**your formula.

To show a simple example of how this field can be used, let's walk through how you can create a **Basic Formula Field **that calculates the average of two numbers.

We have a fairly simple table with 3 essential fields, **Value 1**, **Value 2**, and **Basic Formula**. **Value 1 **and **Value 2 **hold the two numbers for the calculation, and **Basic Formula **will store the calculated average. The field named Formula is used to create the "Average of.." statement seen in the image above. If you would like to learn more about how you can do this, please see our article on **Text Formula Fields****. **

Now we can configure the **Formula. **In the gif below, you can see how we can use the functionality of the **Formula **portion to configure the average formula for our example.

Below is the resulting **Formula**.

To test out our **Formula**, we'll create a simple form with **Value 1 **and **Value 2**.

Lastly, we can confirm our results!

For more information regarding **Currency Type **and **Format**, please see the **Currency**** **article.

For more information regarding the **Decimal Places**, please see the **Number Fields**** **article.