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Okay so I've updated everything and here's what I have.
The account field is set to string
The entity field is set to string
The Total field is set to double
After using the updated formula I am still getting an error, this time it says "The formula "New Entity" resulted in a string but the field is numeric. Use ToNumber(...) if this is correct. (Expression #1)
You can put a ToNumber() formula before both the Entity and Account fields, however it doesn't seem like you will be performing any arithmetic calculations off of this field. Is your New Entity field type set to a String or a Double? If it's set to a Double right now, please change it to a String within the formula tool itself.
Perfect!! Glad that fixed the error =). If you have any questions it's definitely helpful to attach your workflow to the post. Makes it a lot easier to troubleshoot by letting anyone here work through your actual workflow.