Say you collected the client's date of birth and you automatically want to calculate their age on your documents.
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With Formula fields, you can easily do that:
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​1. Create the Date of Birth field
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2. Create a Formula field and use INT and YEARFRAC formulas
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​INT(YEARFRAC({Date of Birth}, TODAY(), 1))
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3: The formula field won't require user input and will automatically calculate the age:

​Note: You can setup different formats for the date of birth if needed ( see below)

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Find more Formula use cases below: