Probably this will work:
::DATE_SELECT = "03.2022";
If( Format( :Mon_Yr, "m.y" ) == ::DATE_SELECT & :Cost Set == "ACTUAL_PAID",
"ACWP",
:Cost Set
);
Instead of setting global variable within the formula code, you can set it elsewhere also.
Please see that my date format is different due to different language settings.
To avoid Syntax problems, I like to use Crtl-M (reformat code) to let JMP show me problems in my (formula) code.
See also help and Scripting index, how to use global variables.
Global and Local Variables (jmp.com)
Georg