Creating New Tag Panel Inputs

I created two new Tag Panel Inputs, Album Format and Album Release Date. I know there is a comment section you can use but this input can get rather lengthy so I stay away from this. So I created these two using the Tools>Options and then went to View>Customize Columns and added the following: For Album Format - NAME - Album Format, Value- %album_format% and field- %album_format%
For Album Release Date needless to say the format being the same except substituting %album_release_date% in the proper fields.
The problem is when I insert a value into either box in the Tag information panel and save. The information is not transferred to the body of the program. Yet, if I go to those fields in the body, I can insert the information. In other words go to the Album Format column and click on it and a box will appear where information can be inserted and same goes for the Album Release Date column.
Is this the way it works or did I do something wrong? I believe the information should work the same for all Tag information.
Any help would be greatly appreciated and thanks in advance.

Please note that you have to enter the field names with % for the column definition
BUT
for the tag panel you enter only the name without %:
album_format
album_release_date

The only difference is the "_" between each word in the tag panel which I didn't know about because I used the existing info from the tag panel as reference.

I do not see any difference.
The name of the tag fields is always:
album_format
album_release_date

For the tag panel you reference this name.

For the column definition you refer to the contents - which is addressed by
%album_format%
%album_release_date%
Whereas the tag panel writes the information to all fields in the all the selected files with the specified name, the file list has only one file to deal with.
If you check the extended tags dialogue, you also see the plain field name and no % around it.

This is exactly how the boxes I created look like:
TAG PANEL: EDIT FIELD: FIELD:ALBUMFORMAT>Name:Album Format
VIEW>Customize Columns: Name: Album Format:Value:%album_format%:Field:%album_format%:astonished:K
This creates the Album Format in the Tag Panel and also creates a column called "Album Format". I did the same with the Album Release date. I followed what you have in your explanation. If I enter a value to the Tag Panel in either box, there is no transfer of data to the columns. Yet, if I manually input the information (click on each column and input the info) it shows up in the two Tag Panel
inputs. I picked a file and inserted "CD" into the Album Format in the Tag Panel and saved, that data was not transferred to the Album Format column. So is it me or what?

Tag Field Definition for the Tag Panel
Field: ALBUM_FORMAT
Name: Album Format

Tag Field Definition for the Listview
Name: Album Format
Value: %album_format%
Field: %album_format%
Sort By:
Numeric: no

... or ...

Tag Field Definition for the Tag Panel
Field: ALBUMFORMAT
Name: Album Format

Tag Field Definition for the Listview
Name: Album Format
Value: %albumformat%
Field: %albumformat%
Sort By:
Numeric: no

DD.20171020.0701.CEST

I don't answer that question.
In fact you create input and display options for 2 different fields:
one called ALBUM_FORMAT (columns)
the other one called ALBUMFORMAT (tag panel).

So it is no wonder that you do not see the data from ALBUMFORMAT in the section for ALBUM_FORMAT just like you do not see any changes in ALBUMARTIST if you enter something in ARTIST.

That is correct, however if you select it in the View>Customize columns and check the "Album Artist" box you will see a column called "Album Artist" and if you input data into the "Album Artist" box in the Tag Panel, the data that you input will be shown in the "Album Artist" column when saved

The important bit is not the name of column but the name of the field that is addressed by that column / entry in the tag panel.
You will find, that you can choose more or less any name for these objects.
If you set different names for fields (not names of columns or tag panel objects) then you get different fields.