The Extract Existing Formula button uses a Component Interface to extract the text of the existing formula definition. Modifications can be made to this, and then an Application Engine has some PeopleCode logic that interacts with the Component Interface to load the formula in.

The process does not allow a formula to be created - it must be an existing formula.  It is however a great tool for editing, cloning and currently runs on HCM V8.3 with Tools V8.16.

If you have had problems with the update of Global Payroll Formulas and are interested in what Simon has done, please feel free to contact him at simon@congruent.co.uk.