Custom fields are part of a custom object, and hold the actual information for the records for an object. For example, a Customer object could have fields such as First Name, Address, Work Phone, etc. A Formula is simply a field that displays the result of a calculation based on information from other fields.
Permissions are required to work on Custom Objects and Fields.
When you create a custom object, you need to add fields to it to hold the information. You can choose the type of field, it's data type, and who gets to see and use the field. The fields are what go onto the page layouts (a page layout is an arrangement of fields on a page) to show information to the user. You can create templates using the layouts and fields, where a template is default data that can be automatically entered for you.
Fields can be displayed as text areas and lists, hold images, allow external files to be attached to an object, control what other fields display, link to other objects, show dates, and more. Formulas are just fields that show the result of a calculation based on information from other fields.
Custom Fields
Fields and Relationships
Overview of Custom Objects
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