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The tutorial explains how to create a formula on an envelope or template using text boxes for fields such as drop-down and date signed. It emphasizes that text boxes should only contain numbers and dates, and data labels are crucial for formula creation. By naming three text boxes and completing data labels, the user can input the formula in the field and click setup, which will present a drop-down menu of fields. Operations can be added without the need for an equals sign, and decimal places can be specified. This information should be saved once completed.
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