Rate start date based on the changes done on elections

Summary:

Rate start date based on the changes done on elections

Content (please ensure you mask any confidential information):

Hi,

We have a requirement where if the election changes are done on the first of month then the rate should be effective as of event however, if election changes are done any day after first of month then the rate should be effective first of the following month.

Could anyone advise if we have a way through configuration or i would need a fast formula.

Thanks,

Nancy.

Version (include the version you are using, if applicable):

Code Snippet (add any code snippets that support your topic, if applicable):