All the formula does is remove the original base music folder from the original file path so that the remaining folder structure gets used for the new file.
The $RxSplit function gives the remaining part of the file path.
This includes the original file extension, so the $Replace function removes it. Otherwise, you'll end up with something like
filename.flac.mp3.
My example was for converting
from FLAC to something else, but it will work for any format.
Looking at this again, I've realised the $RxSplit function could also be used to remove the file extension.
Use something like this:
$RxSplit(<URL>,"D:\\Media|.flac|.mp3|.wav|.m4a",2)
Add any file extensions you need to convert from to the formula, separated by | characters.
Backslash characters have a special meaning in regular expressions, so you need two to treat it as if it were only one.
e.g.
For the file
D:\Media\B\Billy Joel\1978 - 52nd Street\01 - Big Shot.flac
The formula will return
\B\Billy Joel\1978 - 52nd Street\01 - Big Shot
The folder you specify in the File Converter dialog gets added to the start, the file extension for the new format gets added to the end, and your newly converted file keeps the same folder structure as the original.
-edit-
I just noticed the version of MusicBee you're using is super old. So no guarantees this will work for you without upgrading.
Bee excellent to each other...