How can I report on a field that doesn't exist?

I have a custom table/field that is built into a report.

The formula is as follows:
if {APPLICATIONPROPERTY.ITEM_NAME} = "OXLN_DP_SOLD_BY"
then {APPLICATIONPROPERTY.APPLICATION_ITEM_VALUE}
else ""

The problem is that I have 1 record that is missing in the report because this custom record doesn't exist, so the report skips it.  How can I modify the formula to still include the data if this field doesn't exist?

set the formula to use 'default values for nulls'

I am not sure how to do that.
Can you please elaborate on that?

ok..in report option I found Convert Database NULL to Default land Convert other Noll to default.

I tried both of those options and my 1 record is still not displaying

Sounds like a table join issue to me.  Because if {APPLICATIONPROPERTY.ITEM_NAME}  is Null or not equal to "OXLN_DP_SOLD_BY" then you return the "".

Kevlray may be onto something. I assumed your joins were OK.
However, inside the Formula Editor there should be an option (pick list) on how to handle nulls. You can set this per formula.