I have a formula that I use a lot in an Item Saved Search, and I'd like to make it into an custom item field. However, when I plug the formula into the "Default Value" for that Item field's settings, it doesn't work on saved searches. Would anyone know what I am missing? I'll post some screenshots in the thread -->

Uncheck "Store Value" on the custom field.

When i did that, the column for my custom field disappears from the saved search results entirely

That is correct - you'd need to use a workflow to take the value from your non-stored custom field and store it into another stored custom field. You can have the 'stored' custom field appear in your search results. The workflow can be Scheduled and based on saved search that contains all Records where the Stored field is empty

I thought that only had to be done for fields derived from summary saved search results? I have a custom item field that's derived from a formula and it's available in saved search results. Granted, it's a different type (integer number vs. Free-Form Text)

@Gregory Jones, Is your custom field a "Stored Value" field out of curiosity?

Nope.

Now that I'm thinking of a workflow, perhaps it would just be best to have a workflow field that determines the correct outcome, and then stores it in the custom freeform text item field.

Did the formula field work when looking at an item record?

Not accurately. It returned "ERROR: Field 'quantityonhand' Not Found". I tried changing it to {totalquantityonhand}, but it produced unreliable results.

Did you have location criteria in your search? Makes me think that might have been mucking it up.

Quantity on hand is a hard one to get right in searches