The field calculation order determines the order in which linked field data is calculated. If there are fields that have calculations using results from other field calculations if not done in the correct order the values will be incorrect.
For example: on an invoice document you would want to calculate the tag BEFORE you calculate the total.
Move Up - Moves the selected field(s) up the list.
Move Down - Moves the selected field(s) down the list.
Move to Top - Moves the selected field(s) to the top of the list.
Move to Bottom - Moves the selected field(s) to the bottom of the list.
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