When you need to provide a summary of what a Formula does, there is a Formula Summary field available where you can add a detailed description about the Formula. This could be used to add a detailed description of what the Formula does, reference the requirements documentation related to the Formula or any other relevant notes your users would find useful. The Formula Summary field can then be added to custom views and reports.
Use the Formula Summary Fields
When you are in the Formula Editor the Formula Summary Field can be accessed from the System Settings tab:
Create a View to suit your needs
You can build a view to help you manage your Formulas for the way you work. Below is an example showing how Insurance Claim Formulas have been Categorized and a View built to display the relevant information including the Formula Summary: