I have done this by creating a rich text formula field. I created a new field "Billable..." I have the field "Billable". This has a value of Yes or No. If yes I want the color to be green, if no red.
This is the formula I am using
Case([Billable], "Yes", "<div style=\"color:white; background-color:#27AE60;\"> Yes</div>",
"No","<div style=\"background-color:#FF6666;\">No</div>",
"Medium", "<div style=\"background-color:#FF9999;\"> Medium</div>",
"Low","<div style=\"background-color:#FFCCCC;\"> Low</div>", "")
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Ed A Mathias
VP of OPS
Athena Technology Solutions
Fremont CA
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