Bidding Formula IDs are used to translate system generated auction items. Auction items are ‘things’ people can bid on, like dates for time-off bidding, or work assignments for position bidding.
Formula IDs are used to format biddable dates in a time-off auction. Reason being, biddable dates derive from the effective date using dynamic dates, like Target+0day, Target+1day, Target+2days which display by default in the Auction interface as Day 1, Day 2, Day 3. 1
The Target is the ‘effective date, so if the effective date is October 1st, Target+0days is October 1st (Day 1), Target+1day is October 2nd (Day 2), and so on.
Unless configured otherwise, the Auction generates and displays biddable dates as Day1, Day 2..., which could be visually confusing for bidders to bid on Day 185 and hope that’s July 4th!
Consequently, Formula IDs are necessary in Auctions to translate and format the system calculated date of Day 1, Day 2... into something familiar like July 4, 2013.