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If Function

If (condition as Boolean, truePart as Object, falsePart as Object) as Object

Category: Logical
<Description: Checks whether a condition is true, and returns one value if TRUE and another value if FALSE . The "IF" condition can be nested and include additional "IF" conditions
Supported Context: FormulaField And BusinessRules
Parameters:  
condition as Boolean Represents a condition or evaluation criteria that needs to result in a boolean value
truePart as Object Represents the resulting action if the data set in the "condition" parameter results in true
falsePart as Object Represents the resulting action if the data set in the "condition" parameter results in false. You can also enter another if() function within this parameter
Returned value as Object Returns either the data provided in the "truePart" or "falsePart" depending on whether the "condition" parameter evaluates to true or false
Example #1

Set a checkbox custom field, based on Issue Severity

If($Severity = “Critical”, TRUE, FALSE)

Example #2

Setting the due date of an issue to be based off of its severity. In this scenario, the response time for a critical issue is set to 1 working day, 3 working days for a high severity, and 5 working days for all other severity levels.

If($Severity = “Critical”, DateAdd($CreatedOn,Days(1,TRUE)),If($Severity= “High”, DateAdd($CreatedOn,Days(3,TRUE)),DateAdd($CreatedOn,Days(5,TRUE))))

Tips To set standard field values based on formulas, create workflow rules
Additional Links

checkbox custom field

Workflow Rules