Conditional text calculation for Office 365

Hi all, with the Salesforce DocGen action, formulas can be used as per this help article.  The article leverages MS Word, quick parts and formula builders to generate conditional text.

Is the same thing possible using the Drawloop action in Nintex for o365?  I've tried but the field codes don't seem to be recognised.

I've tried writing a formula just to display the contents of the variable as a basic test and that fails.  My conditional statement (IF formula) also fails - always evaluating to false.  By way of example, here's my IF statement: =IF <<varQty>> > 5 "This is a large quantity" "This is a small quantity"

Cheers,

Chris