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• Excel Skills Page: EX-40 It is time to go beyond simple formulas. In this chapter you will learn to use the functions built into Excel to compute statistics, work with date and time numbers, compute loan payments, and perform table look ups. Also you will create formulas that reference named ranges and other worksheets and formulas designed for fast replication.
• Excel Skill 2.1 Using Functions in Formulas Page: EX-41; Figures EX 2.1 and EX 2.2 For example, when writing a formula using the PMT function to calculate a loan payment, the arguments include the interest rate, the number of payments, the amount of the loan at the beginning of the loan period, the amount of the loan left at the end of the loan period, and whether the loan payments will be made at the beginning or end of each payment period. tips &amp; tricks - When you use Formula AutoComplete, you can click the function name in the ScreenTip to open the Excel help topic for that function. If you’re not sure of the name of the function you want, open the Insert Function dialog box and type keywords describing the function in the Search for a function: box, and then click the Go button. The Or select a category: box changes to Recommended, and the Select a function: box now displays a list of functions that match the keywords you typed. try this - The Name box to the left of the formula bar normally displays the cell address or name. However, when you begin a formula by typing = , the Name box displays the name of the most recently used function. Click the arrow at the right side of the box to see a list of all the most recently used functions. Click any function name to open the Function Arguments dialog box, or click More Functions . . . at the bottom of the list to open the Insert Function dialog box.
• Excel Skill 2.1 Using Functions in Formulas Page: EX-41; Figures EX 2.3 and EX 2.4 There are four basic ways to add a function to a formula: Type the formula directly in the cell or the formula bar. Begin the formula by typing = , and then type the function name. After the function name, type ( followed by the function arguments, separated by commas, and then ) . Press Enter to complete the formula. Use Formula AutoComplete . When you type = and then a letter, Formula AutoComplete displays a list of potential matches (functions and other valid reference names). Type more letters to shorten the Formula AutoComplete list. Double-click a function name to enter it in your formula. Enter the expected arguments by typing values or selecting a cell or cell range. Press Enter to complete the formula. On the Formulas tab, select a function from the Function Library group, or click the Insert Function button to select a function from the Insert Function dialog box. You can also click the Insert Function button to the left of the formula bar. On the Formulas tab, select a function from the Function Library group, or click the Insert Function button to select a function from the Insert Function dialog box. You can also click the Insert Function button to the left of the formula bar. Functions are organized into categories such as Financial and Statistical. If necessary, expand the Or select a category: list and select the category you want. The category list will default to whatever category you used last, or it will show Most Recently Used. Click a function in the Select a function: box to see a brief description of what it does and the arguments it takes. Click OK to open the Function Arguments dialog box. (This dialog box is different for each function.) Enter values in each of the argument boxes by typing or clicking outside the dialog box and selecting the cell or cell range. As you click each argument box, a brief description of the argument appears near the bottom of the dialog box. When you are finished entering arguments, click OK. Use AutoSum . The AutoSum button allows you to insert common functions (SUM, AVERAGE, COUNT, MIN, and MAX) with a single mouse click. It is available from both the Home tab and the Formulas tab. When you use the AutoSum button, Excel enters the function arguments for you, using the most likely range of cells based on the structure of your worksheet. Press Enter to complete the formula.
• Excel Skill 2.2 Using AutoSum to Insert a SUM Function Page: EX-44 The SUM mathematical function is used to add several cells together. Instead of writing a formula with several references separated by a plus sign, you can “sum” a range of cells. A formula using the SUM function looks like this: = SUM(A3:A6) The range A3:A6 tells Excel to add the values in all of the cells between A3 and A6 ( A3 1 A4 1 A5 1 A6 ). Although you can create a SUM function using the Function Arguments dialog box or by using Formula AutoComplete, it is much easier to use the AutoSum button because Excel enters the function arguments for you. tips &amp; tricks - When you use the AutoSum button, Excel enters the function arguments for you, using the most likely range of cells based on the structure of your worksheet. For example, if you use AutoSum at the bottom of a column of values, Excel will assume that you want to use the values in the column as the function arguments. If you use AutoSum at the end of a row of values, Excel will use the values in the row.
• Excel Skill 2.2 Using AutoSum to Insert a SUM Function Page: EX-44; Figures EX 2.5 and EX 2.6 try this - You can also click the AutoSum button arrow and select SUM from the list. Another way to use the AutoSum function is to select a range of cells, and then click the AutoSum button. Excel will insert the SUM function in the next available (empty) cell. To use Formula AutoComplete to enter a SUM function, type =SU , and then double click SUM in the list of available functions. Excel enters = SUM( in the cell for you. Click the first cell in the range of cells you want to add together, and then drag and release the mouse button when you reach the last cell in the range. Press Enter . Excel enters the cell range as the function arguments, and adds ) to the end of the formula.
• Excel Skill 2.3 Creating Formulas Using the AVERAGE Function Page: EX-45 tips &amp; tricks - When calculating an average, Excel will ignore empty cells. If you want to include those cells in your average calculations, make sure they have a value of zero. tell me more - What you might think of as the “average” is actually the statistical mean. Average is a general term in statistics that includes mean (the sum of a group of values divided by the number of values in the group), median (the middle value of a set of values) and mode (the value that appears most often in a group of values). In Excel, the AVERAGE function calculates the mean value. Most people say average when they really want to calculate the mean value. try this - Another way to use AutoSum to calculate an average is to select a range of cells, and then click the AutoSum arrow and click Average. Excel will insert the AVERAGE function in the next available (empty) cell. To use Formula AutoComplete to enter an AVERAGE function, type = AV , and then double click AVERAGE in the list of available functions. Excel enters = AVERAGE( in the cell for you. Click the first cell in the range of cells you want to use for your arguments, and then drag and release the mouse button when you reach the last cell in the range. Press Enter . Excel enters the cell range as the function arguments, and adds ) to the end of the formula.
• Excel Skill 2.3 Creating Formulas Using the AVERAGE Function Page: EX-45; Figure EX 2.7 Although you can create an AVERAGE function using the Function Arguments dialog box or by using Formula AutoComplete, it is much easier to use the AutoSum button because Excel enters the function arguments for you. You can increase or decrease the range of cells selected by clicking and dragging the corner of the highlighted cell rangeYou can increase or decrease the range of cells selected by clicking and dragging the corner of the highlighted cell range.
• Excel Skill 2.4 Creating Formulas Using Counting Functions Page: EX-46 All three of these functions take the same arguments. A formula using the COUNT function looks like this: = COUNT(A2:A106) The result of this formula is the number of cells in A2 through A106 that contain numerical values. If you want to include cells that contain text, use COUNTA instead. = COUNTA(B2:B106) The result of this formula is the number of cells in B2 through B106 that contain any data (numerical or text). Use COUNTBLANK to find the number of rows missing values in a column. = COUNTBLANK(D2:D106) The result of this formula is the number of cells in D2 through D106 that are blank. tips &amp; tricks - Cells that contain a zero (0) are not considered blank.
• Excel Skill 2.4 Creating Formulas Using Counting Functions Page: EX-46; Figure EX 2.8
• Excel Skill 2.5 Using Other Statistical Functions Page: EX-47 try this - Another way to use AutoSum to find the minimum or maximum value is to select a range of cells, and then click the AutoSum arrow and click Min or Max . Excel will insert the MIN or MAX function in the next available (empty) cell. To use Formula AutoComplete to enter a MIN or MAX function, type = m , and then double-click the function you want. Excel enters the beginning of the formula in the cell for you. Click the first cell in the range of cells you want to use for your arguments, and then drag and release the mouse button when you reach the last cell in the range. Press Enter . Excel enters the cell range as the function arguments and adds ) to the end of the formula.
• Excel Skill 2.5 Using Other Statistical Functions Page: EX-47; Figure EX 2.9 Although you can use the MIN and MAX functions from the Function Arguments dialog box or from the Formula AutoComplete list, it is sometimes easier to use the AutoSum button because Excel enters the function arguments for you.
• Excel Skill 2.6 Using Date and Time Functions Page: EX-48 Volatile - They update with the current date or date and time each time the workbook is opened. This is useful if you want to keep track of the last time the workbook was edited or opened.
• Excel Skill 2.6 Using Date and Time Functions Page: EX-48; Figure EX 2.10 tips &amp; tricks - Both NOW and TODAY use the date and time from your computer’s clock. If your computer’s clock is wrong, the date and time displayed in your workbook will be wrong as well. tell me more - If the cell is formatted to use a date format that does not display the time, the result of the NOW and TODAY functions will appear the same. However, the underlying value will still be different. If you change the formatting of the cell to display the time, a cell using the TODAY function will always display a time of 12:00 AM, whereas a cell using the NOW function will display the correct time. try this - You can also use Formula AutoComplete or the Insert Function dialog box to add the NOW or TODAY function to your workbook.
• Excel Skill 2.7 Using Absolute and Relative References Page: EX-49
• Excel Skill 2.7 Using Absolute and Relative References Page: EX-49; Figure EX 2.11
• Excel Skill 2.7 Using Absolute and Relative References Page: EX-49; Figure EX 2.11
• Excel Skill 2.8 Naming Ranges of Cells Page: EX-50
• Excel Skill 2.8 Naming Ranges of Cells Page: EX-50; Figure EX 2.12
• Excel Skill 2.8 Naming Ranges of Cells Page: EX-51; Figure EX 2.13 If your worksheet is organized in a table format, with column or row labels, you can automatically create named ranges using the labels as names: Excel automatically creates named ranges for the groups of cells associated with each label. tips &amp; tricks - Names may not include spaces. To make your names easier to read, try using an underscore character _ or a period . between words. try this - You can also create new names through the New Name dialog box. On the Formulas tab, in the Defined Names group, click the Define Name button . The selected cell(s) is entered in the Refers to: box. Type the name you want in the Name: box. If the cell to the immediate left or immediately above the selected cell appears to include a label, Excel will pre-populate the Name: box with that text. Click OK.
• Excel Skill 2.9 Working with Named Ranges Page: EX-52
• Excel Skill 2.9 Working with Named Ranges Page: EX-52; Figure EX 2.14
• Excel Skill 2.9 Working with Named Ranges Page: EX-53; Figure EX 2.15 tell me more - You can also use named ranges to navigate your workbook: Click the arrow next to the Name box to see the list of named ranges in your workbook. To navigate to one of the named ranges, click the name in the list. try this On the Formulas tab, in the Defined Names group, click the Use in Formula button to display a list of names in your workbook, and then click one of the names to insert it into your formula. You can also click Paste Names . . . from the bottom of the Use in Formula list. The Paste Names dialog box opens and lists all of the names in your workbook. Click a name and then click OK to add it to your formula.
• Excel Skill 2.10 Using Logical Functions Page: EX-54 The IF function can return a numerical value or display a text string. This formula uses the IF function to calculate a bonus rate (cell H4) based on the sales figure in cell E9 (named Total_Sales). If the value of cell E9 is greater than 50000, the formula will return 10%; if the value of cell E9 is not greater than 50000, the formula will return 5%: = IF(TOTAL_SALES &gt; 50000,10%,5%)
• Excel Skill 2.10 Using Logical Functions Page: EX-54; Figures EX 2.16 and EX 2.17 Excel displays the appropriate Function Arguments dialog box where you can enter the function arguments. For example, TOTAL_SALES&gt;50000 will return true if the value of the cell named TOTAL_SALES is greater than 50000 and false if the value is not greater than 50000. tips &amp; tricks - When you click an argument box in the Function Arguments dialog box, a description of the argument appears below the description of the function. As you enter arguments, the dialog box will display the results of your formula. try this - In the Function Arguments dialog box, to enter arguments, you can type the cell reference in the argument box, or you can click the cell to add the cell reference to the dialog box. If the position of the dialog box makes it difficult to click the cell you want, click the Collapse Dialog box button . Click the cell to add the reference to the dialog, and then click the Expand Dialog box button to return to the function dialog box.
• Excel Skill 2.11 Calculating Loan Payments Using the PMT Function Page: EX-56 tips &amp; tricks - When working with complex functions like PMT, use cell references as arguments rather than entering values directly. This way you can change values in your spreadsheet and see the results instantly without opening the Function Arguments dialog box again. It can also be helpful to name the cells containing data for the function arguments. (It is easier to remember the cell name “Loan” than the cell reference D6.)
• Excel Skill 2.11 Calculating Loan Payments Using the PMT Function Pages: EX-56 and EX-57; Figures EX 2.18 and EX 2.19 Usually, interest rate is expressed as an annual interest rate. If the loan requires a monthly payment, the annual interest rate should be divided by 12. PV - This is how much you owe now (the loan principal). Excel assumes a value of 0 unless you include the argument and specify a different value. If you will make payments on the loan until it is completely paid off, you can leave this argument blank or enter 0. FV - Excel assumes a value of 0 unless you include the argument and specify a different value. If you will make payments on the loan until it is completely paid off, you can leave this argument blank or enter 0 (Optional) In the Type box, enter 1 if the payment is at the beginning of the period. If you omit this argument, Excel assumes a value of 0 (meaning each payment is at the end of the period). Notice that as you enter each argument, the value appears to the right of the argument box. The formula result (in this case, the loan payment amount) is displayed at the lower-left corner of the dialog box.
• Excel Skill 2.12 Finding Data Using the VLOOKUP Function Page: EX-58; Figure EX 2.20 tips &amp; tricks- Use a cell reference for the Lookup_value argument to give your formula more flexibility. This way you can change the value in the referenced cell instead of opening the Function Arguments dialog box every time you want to look up a different value. Similarly, use table names and range names instead of cell references in the Table_array argument. When your workbook includes large amounts of data, it is much easier to use names in formulas rather than select a range of data that may be hundreds of rows long. tell me more - The examples here all use the VLOOKUP function to find corresponding values in different columns within the same row (a vertical lookup). The HLOOKUP function works similarly, except you use it to find corresponding values in different rows within the same column (a horizontal lookup). Use HLOOKUP when your worksheet uses a horizontal layout—few rows with many columns. Use VLOOKUP when your worksheet uses a vertical layout—few columns with many rows.
• Excel Skill 2.12 Finding Data Using the VLOOKUP Function Pages: EX-58 and EX-59; Figure EX 2.21 To use the VLOOKUP function: Select the cell where you want to enter the formula. On the Formulas tab, in the Function Library group, click the Lookup &amp; Reference button . Select VLOOKUP from the list. Excel displays the appropriate Function Arguments dialog box. In the Lookup_value box, enter the value in the first column that you want to return a corresponding value for. In other words, the value you want to look up. In the Table_array box, enter the range of cells for the array (or the table or range name). If your worksheet includes a header row, do not include it in the range used for the table_array argument. In the Col_index_num box, enter the column number from which the function should return a matching value. Enter the column number, not the letter or the column heading. (optional) In the Range_lookup box, enter FALSE if you want to find only an exact match for the value entered in the Lookup_value box. If you omit this argument, Excel assumes a value of TRUE and will return the value for the closest match in the first column. Click OK. When using VLOOKUP, make sure the table or array is sorted A–Z by the first column (the lookup column). If your data are not sorted, you will see unexpected results.
• Excel Skill 2.13 Creating Formulas Referencing Data from Another Worksheet Page: EX-60 tell me more - If your workbook includes multiple sheets with the same data structure, you can create a formula that references the same cell(s) on multiple sheets. This is called a 3-D reference . For example, the formula =SUM(‘2011 Projection:2013 Projection’!B24) will calculate the sum of the value of cell B24 on all sheets from 2011 Projection to 2013 Projection. To add a 3-D reference to a formula, begin entering the formula as you would normally. Then, when you want to add the 3-D reference, select the sheet tabs for all the sheets you want included and click the specific cell(s) you want. try this - You are not limited to referencing data within a single workbook. The file name of the referenced workbook is enclosed in brackets, followed by the sheet name, all enclosed in single quotes, followed by the specific cell reference. If the external file is not open, the reference will include the full path name to the file, not just the file name.
• Excel Skill 2.13 Creating Formulas Referencing Data from Another Worksheet Page: EX-60; Figure EX 2.22 If you want to include the reference in a formula, enter the formula as normal. When you want to add a reference to a cell in another sheet, click the sheet tab, then click the cell(s) you want to add to the formula. Continue entering the formula in the formula bar or clicking cells throughout your workbook. When you are finished with the formula, press Enter .
• Excel Skill 2.14 Displaying and Printing Formulas Page: EX-61 tell me more - You can also set the worksheet option to display formulas instead of values, but this method is much less convenient than using the Show Formulas button on the Ribbon. Click the File tab. Click the Options button. Click Advanced, and then scroll down to the Display options for this worksheet: section. Click the check box for Show formulas in cells instead of their calculated results. Select the worksheet for which you want to display only formulas. Click OK. Notice that the Show Formulas button on the Ribbon now appears highlighted. To hide the formulas and display calculated values instead, click the Show Formulas button to turn the option off. try this - The keyboard shortcut to display (or hide) formulas is Ctrl + ` (the ` key is directly to the left of 1 at the top of the keyboard).
• Excel Skill 2.14 Displaying and Printing Formulas Page: EX-61; Figure EX 2.23 To hide the formulas and display calculated values, click the Show Formulas button again.
• Excel Skill 2.15 Checking Formulas for Errors Page: EX-62 When you click Ignore Error to dismiss error, Excel will ignore this error until you manually reset ignored errors through Excel Options.
• Excel Skill 2.15 Checking Formulas for Errors Page: EX-62; Figure EX 2.24 Cells that include potential errors are marked with a green triangle in the upper-left corner of the cell. When you click the cell, Excel displays a Smart Tag to help you resolve the error.
• Excel Skill 2.15 Checking Formulas for Errors Pages: EX-62 and EX-63; Figure EX 2.25 tips &amp; tricks - You can make changes to your worksheet without closing the Error Checking dialog box. When you click away from the dialog box, one of the buttons changes to a Resume button and none of the other buttons in the dialog box are available. When you are ready to return to error checking, click the Resume button. tell me more - If the error is part of a complex formula, Excel may include a Show Calculation Steps . . . button in the Error Checking dialog box. This button launches the Evaluate Formula dialog box where you can walk through the formula step by step to try to find the cause of the error. If the error is related to a reference to another cell, Excel will offer a Trace Error button to display precedent and dependent arrows showing dependencies between formulas in your worksheet. try this - You can also start Error Checking by clicking the Error Checking arrow and selecting Error Checking . . .
• Excel Skills Page: EX-40

2. 2. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel 2010 Using Formulas and FunctionsExcel 2010 Using Formulas and Functions• Skill 2.1 Using Functions inFormulas• Skill 2.2 Using AutoSum to Inserta SUM Function• Skill 2.3 Creating FormulasUsing the AVERAGE Function• Skill 2.4 Creating FormulasUsing Counting Functions• Skill 2.5 Using Other StatisticalFunctions• Skill 2.6 Using Date and TimeFunctions• Skill 2.7 Using Absolute andRelative References• Skill 2.8 Naming Ranges of Cells• Skill 2.9 Working with NamedRanges• Skill 2.10 Using LogicalFunctions• Skill 2.11 Calculating LoanPayments Using the PMTFunction• Skill 2.12 Finding Data Using theVLOOKUP Function• Skill 2.13 Creating FormulasReferencing Data from AnotherWorksheet• Skill 2.14 Displaying and PrintingFormulas• Skill 2.15 Checking Formulas forErrors2-2
3. 3. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.• Functions arepreprogrammed shortcuts forcalculating complex equations(like the monthly paymentamount for a loan).• Most functions require you toprovide input called thearguments.Excel Skill 2.1Excel Skill 2.1Using Functions in FormulasUsing Functions in Formulas2-3
4. 4. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Type the formula directly inthe cell or the formula bar.2. Use Formula AutoCompleteby typing = and then a letter.Formula AutoCompletedisplays a list of potentialmatches.3. On the Formulas tab, select afunction from the FunctionLibrary group, or click theInsert Function button toselect a function from theInsert Function dialog box.4. Use AutoSum to insertcommon functions (SUM,AVERAGE, COUNT, MIN,and MAX) with a singlemouse click.Four Basic Ways to Add a Function to a FormulaFour Basic Ways to Add a Function to a Formula2-4
5. 5. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.2Excel Skill 2.2Using AutoSum to Insert a SUM FunctionUsing AutoSum to Insert a SUM Function• SUM function - used to add several cells together.=SUM(A3:A6)– The range A3:A6 tells Excel to add the values in all ofthe cells between A3 and A6 ( A3 1 A4 1 A5 1 A6 ).• Ways to Create a SUM Function– Using the Function Arguments dialog box– Using Formula AutoComplete– Using the AutoSum button (much easier because Excelenters the function arguments for you.)2-5
6. 6. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell in which youwant to enter the function.2. On the Formulas tab, in theFunction Library group, or onthe Home tab, in the Editinggroup, click the AutoSumbutton.3. Excel automatically inserts aformula with the SUMfunction, using the range ofcells contiguous to (next to)the selected cell as thearguments for the function.You can increase or decreasethe range of cells selected byclicking & dragging the cornerof the highlighted cell range.4. Press Enter to accept theformula.To Insert a SUM Function Using AutoSumTo Insert a SUM Function Using AutoSum2-6
7. 7. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.3Excel Skill 2.3Creating Formulas Using the AVERAGE FunctionCreating Formulas Using the AVERAGE Function• AVERAGE function - used to calculate the average valueof a group of values.=AVERAGE(A3:A6)–The value of this formula is the average of the values of cells A3through A6: (A3 + A4 + A5 + A6)/4.–Average is calculated by adding the values, and then dividing thesum by the number of values.• To calculate the average of numbers in more than onerange of values, use a comma to separate arguments:=AVERAGE(A3:A6,B3:B6)–The value is the average of the values of cells A3 through A6 and B3through B6: (A3+A4+A5+A6+B3+B4+B5+ B6)/8.2-7
8. 8. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell in which youwant to enter the function.2. On the Formulas tab, in theFunction Library group, clickthe AutoSum button arrow,or on the Home tab, in theEditing group, click theAutoSum button arrow, andthen click Average.3. Excel will automatically inserta formula using theAVERAGE function, using therange of cells contiguous to(next to) the selected cell asthe arguments for thefunction. Press Enter toaccept the formula.To Insert an AVERAGE Function Using AutoSumTo Insert an AVERAGE Function Using AutoSum2-8
9. 9. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.4Excel Skill 2.4Creating Formulas Using Counting FunctionsCreating Formulas Using Counting Functions• Counting functions are useful when you need toknow how many numbers or items are in a list, orhow many rows are missing data for a particularcolumn• Three basic counting functions in Excel:– COUNT —Counts the number of cells that containnumbers within a specified range of cells.– COUNTA —Counts the number of cells that are notblank within a specified range of cells. Use COUNTA ifyour cell range includes both numbers and text data.– COUNTBLANK —Counts the number of blank cellswithin a specified range of cells.2-9
10. 10. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Click in the cell where you wantthe formula.2. Type = COUNT to display theFormula AutoComplete list offunctions that begin with “count”.3. Double-click the function youwant to use.4. Excel enters the beginning ofthe formula in the cell. Click thefirst cell in the range of cells youwant to use for your arguments,and then drag and release themouse button when you reachthe last cell in the range.5. Press Enter. Excel enters thecell range as the functionarguments, and adds ) to theend of the formula.Use Formula AutoComplete to Enter Counting FunctionsUse Formula AutoComplete to Enter Counting Functions2-10
11. 11. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.5Excel Skill 2.5Using Other Statistical FunctionsUsing Other Statistical Functions• The MIN (minimum) statistical function will giveyou the lowest value in a range of values.= MIN(A3:A6)• The MAX (maximum) statistical function will giveyou the highest value in a range of values.= MAX(A3:A6)• To explore the wide variety of complex statisticalfunctions available in Excel:–On the Formulas tab, in the Function Library group, clickthe More Functions button and point to Statistical, oropen the Insert Function dialog box and select theStatistical category.2-11
12. 12. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell in which you wantto enter the function.2. On the Formulas tab, in theFunction Library group, click theAutoSum button arrow, or on theHome tab, in the Editing group,click the AutoSum button arrow,and then click Min to display thesmallest value or Max to displaythe highest value.3. Excel automatically inserts aformula, using the range of cellscontiguous to (next to) theselected cell as the argumentsfor the function. Increase ordecrease the range of cellsselected by clicking and draggingthe corner of the highlighted cellrange.4. Press Enter to accept theformula.To Use AutoSumTo Use AutoSum2-12
13. 13. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.6Excel Skill 2.6Using Date and Time FunctionsUsing Date and Time Functions• NOW function - inserts the current date and time.= NOW()• TODAY function - inserts only the current date.= TODAY()• Both functions are volatile —that is, they are notconstant.• These functions do not require arguments.2-13
14. 14. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell where youwant the date and time toappear.2. On the Formulas tab, in theFunction Library group, clickthe Date & Time button.3. Click NOW.4. When the FunctionArguments dialog boxappears, click OK.5. If necessary, format the cellto display both the date andtime.To insert just the current date,follow the same steps, butselect the TODAY functioninstead.To Insert the Current Date and TimeTo Insert the Current Date and Time2-14
15. 15. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.7Excel Skill 2.7Using Absolute and Relative ReferencesUsing Absolute and Relative References• A cell’s address, its position in the workbook, is referred toas a cell reference when it is used in a formula.• Cell references can be relative, absolute, or mixed.– Relative reference - a cell reference that adjusts to the newlocation in the worksheet when the formula is copied.• Example: A1– Absolute reference - a cell reference whose location remainsconstant when the formula is copied.• Example: \$A\$1• The \$ character before a letter or number in the cell addressmeans that part of the cell’s address is absolute (nonchanging).– A mixed reference is a combination cell reference with a rowposition that stays constant with a changing column position (orvice versa).• Example: \$A12-15
16. 16. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.• When you type a formula into a cell, ituses relative references by default.• Excel calculates the position of thereferenced cell relative to the activecell.• For example, if cell B17 is the activecell and you type the formula = B16,Excel displays the value of the cell thatis up one row from the active cell.• If you add another row, shifting theposition of cell B17 to cell B18, Exceladjusts the reference in the formula toreflect the new cell address that is upone row from the current position.• If you copy the formula = B16 from cellB17 and paste it into cell C17, thepasted formula will update to = C16 toreflect the cell address that is up onerow from the new position.How Relative and Absolute References WorkHow Relative and Absolute References Work2-16
17. 17. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.• But what if you don’t want the cellreference to adjust?• For example, cell B13 contains a valuethat you want to use in calculations formultiple cells in a row.• If you copy the formula =B13*B16 fromcell B17 to cell C17, the formulaupdates to =C13*C16 (not what youintended) because both of the cellreferences are relative.• The reference in cell B13 needs to beabsolute, so it doesn’t update whencopied.• Use the formula =\$B\$13*B16 insteadand copy it from cell B17 to cell C17.The pasted formula will only update therelative reference (B16).• The absolute reference (\$B\$13) willremain constant. The formula in cellC17 will be =\$B\$13*C16.How Relative and Absolute References WorkHow Relative and Absolute References Work2-17
18. 18. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.8Excel Skill 2.8Naming Ranges of CellsNaming Ranges of Cells• Cell references like A4 and J34 do not provide muchinformation about what data the cell contains—theyjust tell you where the cell is located in the worksheet.• However, you can assign names to cells or ranges ofcells to give your cell references names that are moreuser-friendly.• These names (also called range names or namedranges) act as a list of shortcuts to the cell locations.2-18
19. 19. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell or range ofcells to which you want toassign a name.2. Type the name in the Namebox to the left of the formulabar.3. Press Enter to apply thename to the cell(s).To Create a Named RangeTo Create a Named Range2-19
20. 20. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the range of cells youwant to name including therow or column label.2. On the Formulas tab, in theDefined Names group, clickthe Create from Selectionbutton .3. In the Create Names fromSelection dialog box, click thecheck box(es) to indicatewhere the names are (toprow, left column, bottom row,or right column).4. Click OK.Automatically Create Named Ranges Using LabelsAutomatically Create Named Ranges Using Labels2-20
21. 21. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.9Excel Skill 2.9Working with Named RangesWorking with Named Ranges• Rather than using a range of cells in your formulas, you can use anamed range. The name will always refer to the cells, even if theirposition in the worksheet changes.• Using named ranges in your formulas also makes it easier for othersto use your workbook. Which formula is easier to understand:SUM(B5:B8) or SUM(JAN)?• Formula AutoComplete lists named ranges as well as functions.• Using the AutoComplete list is a good way to avoid typographicalerrors and ensure that you enter the name correctly.• When you copy and paste a formula containing a named range, thename does not change with the new position in the workbook (similarto using an absolute reference).• If you move a named cell, the name updates with the new cell locationautomatically.2-21
22. 22. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Click the cell where you wantto enter the new formula.2. Type the formula, substitutingthe range name for the cellreferences.3. Press Enter to accept theformula.To Use a Named Range in a FormulaTo Use a Named Range in a Formula2-22
23. 23. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Type an = sign to begin theformula. As you typealphabetical characters, Excelwill offer name suggestions.2. When you find the name youwant, double-click it.3. Excel inserts the name intothe formula.To Use Formula AutoComplete with NamesTo Use Formula AutoComplete with Names2-23
24. 24. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.10Excel Skill 2.10Using Logical FunctionsUsing Logical FunctionsThe logical functions group includes:•IF — Returns one value if a condition is true and anothervalue if the condition is false.•AND —Returns TRUE if the all of the arguments are true,and FALSE if at least one of the arguments is not true.•OR —Returns TRUE if at least one of the arguments is true,and FALSE if all of the arguments are false.•NOT —Returns TRUE if the argument is false, and FALSE ifthe argument is true.•IFERROR —Returns an error message or specified value ifthe value of the referenced cell is an error; else it returns thevalue of the referenced cell.2-24
25. 25. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell where you want toenter the formula.2. On the Formulas tab, in theFunction Library group, click theLogical button.3. Select IF from list of functions.4. Enter Logical_test argument. Thisargument states the condition totest for. Use cell references and/orvalues with logical operators.5. Enter Value_if_true argument.This is the text string or valuedisplayed if the Logical_testargument is true.6. Enter Value_if_ false argument.This is the text string or valuedisplayed if the Logical_testargument is false.7. Click OK.To Use the IF FunctionTo Use the IF Function2-25
26. 26. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.11Excel Skill 2.11Calculating Loan Payments Using the PMT FunctionCalculating Loan Payments Using the PMT Function• PMT (payment) function - use to calculate loan payments.• PMT is based upon constant payments and a constant interest rate.• Example formula to calculate payments for a \$250,000 loan paid in120 installments at 12 installments per year with an annual percentageinterest rate of 7%:= PMT(7%/12,120,250000)• Example formula using named ranges & cell references where–Interest rate is stored in a cell named Interest_Rate,–Total number of payments is stored in cell H7–Amount of the loan is in a cell named Loan= PMT(Interest_Rate/12,H7,Loan,0,0)• The result of both of these formulas is –2,902.71.• Because the result of the formula is a payment, it is expressed as anegative number.2-26
27. 27. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select the cell where you want toenter the formula.2. On the Formulas tab, in the FunctionLibrary group, click the Financialbutton.3. Select PMT from the list. Exceldisplays the appropriate FunctionArguments dialog box.4. In the Rate box, enter interest ratedivided by number of payments peryear. In the Nper box, enter totalnumber of payments over life ofloan.5. In the Pv box, enter the presentvalue of the loan.6. (Optional) In the Fv box, enter thefuture value of the loan.7. (Optional) In the Type box, enter 1 ifpayment is at beginning of period.8. Click OK to enter the formula.To Use the PMT FunctionTo Use the PMT Function2-27
28. 28. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.12Excel Skill 2.12Finding Data Using the VLOOKUP FunctionFinding Data Using the VLOOKUP Function• Lookup and reference functions return values based on a cell’sposition in a table or array.• Example: Use the VLOOKUP function to look up the part of a loanpayment that is applied to the principal of the loan by:– returning the value of column 7 (the Principal column)– within the range named Loan_Data (cells A20:I123),– where the value in the first column of the data array (the PmtNo column) isthe value in cell D13:= VLOOKUP(D13,LoanRange,7)2-28
29. 29. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Select cell to enter the formula in.2. On the Formulas tab, in the FunctionLibrary group, click Lookup &Reference button.3. Select VLOOKUP from list. Exceldisplays the appropriate FunctionArguments dialog box.4. In Lookup_value box, enter value infirst column to return a correspondingvalue for.5. In Table_array box, enter range of cellsfor array (or table or range name).6. In Col_index_num box, enter columnnumber from which function shouldreturn matching value.7. (optional) In Range_lookup box, enterFALSE to find only an exact match forvalue entered in Lookup_value box.8. Click OK.To Use the VLOOKUP FunctionTo Use the VLOOKUP Function2-29
30. 30. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.13Excel Skill 2.13Creating Formulas Referencing Data from Another WorksheetCreating Formulas Referencing Data from Another Worksheet• Cell references are not limited to cells within the sameworksheet.• Reference cells in other worksheets in a workbook or otherworkbooks. This is useful when creating summary sheetsor performing analysis on data from multiple sheets.• For example, this formula will display the value of cell B3from the Cash Flow worksheet:= ‘Cash Flow’!B3• If multiple workbooks are open, click a cell in anotherworkbook to create an external reference. The referencewill look like this:= B17 + ‘[Four Year Profit Projections.xlsx]Salaries’!\$D\$62-30
31. 31. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. Click the cell where you wantthe formula.2. Type an equal sign ( = ).3. Navigate to the cell you wantto reference by clicking thesheet tab and then clickingthe cell.4. Press Enter to complete theformula.To Include a Reference to a Cell From Another SheetTo Include a Reference to a Cell From Another Sheet2-31
32. 32. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.14Excel Skill 2.14Displaying and Printing FormulasDisplaying and Printing Formulas• How do you troubleshoot a worksheet that isdisplaying unexpected values?• When you look at a worksheet, you see only theresults of formulas—cells display the values, not theformulas themselves.• When you click a cell, the formula is displayed in theformula bar. But what if you want to view all of theformulas in your worksheet at once?– To display the formulas in the current worksheet insteadof values, on the Formulas tab in the Formula Auditinggroup, click the Show Formulas button.2-32
33. 33. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. First display the formulas inthe worksheet by clicking theShow Formulas button.2. Next, print the worksheet:a. Click the File tab.b. Click Print.c. At the right side of thepage is a preview of howthe printed file will look.Adjust the print settings ifnecessary.d. Click the Print button tosend the file to yourdefault printer.To Print a Copy of the Worksheet with FormulasTo Print a Copy of the Worksheet with Formulas2-33
34. 34. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel Skill 2.15Excel Skill 2.15Checking Formulas for ErrorsChecking Formulas for Errors• Some worksheet errors are easily identifiable—such asdivide by zero errors: #DIV/0! (Excel cannot calculate avalue to display).• Other potential errors, like formulas that leave out part of acell range, are harder to find.• Use Excel’s Error Checking function to review a worksheetfor errors.– The Error Checking dialog box displays each error it finds,allowing you to resolve or ignore each error in turn.– If Excel is able to offer a solution to the error, the dialog boxwill include a button to accept the suggested fix.• Click Help on this error button to open Microsoft Office Help.• Click Ignore Error to dismiss error.• Click Edit in Formula Bar to fix the error manually.2-34
35. 35. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. On the Formulas tab in theFormula Auditing group, clickthe Error Checking button.2. The Error Checking dialogbox displays informationabout the first error. Thebuttons available in the dialogbox will differ, depending onthe type of error found.3. Click the Next button to seethe next error in yourworksheet.4. When you have reviewed allerrors, Excel displays amessage that the error checkis complete. Click OK todismiss the message box.To Use Error Checking to Find Errors in WorksheetTo Use Error Checking to Find Errors in Worksheet2-35
36. 36. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.1. When a Smart Tag appears, movemouse over icon to display a ToolTipdescribing possible error.2. Click Smart Tag arrow to displaypossible error resolutions.3. To keep formula as it is, select IgnoreError.4. To resolve error, select an option:1. The first option is usually a suggestionof how to resolve error. Click toaccept Excel’s suggestion.2. Select Help on this error to openMicrosoft Office Help.3. Select Edit in Formula Bar tomanually edit the formula.4. Select Error Checking Options. . . toopen Options dialog box and modifythe way Excel checks for errors.5. After making selection from Smart Tagoptions, the Smart Tag is dismissed.To Use Smart Tags to Resolve Errors in FormulasTo Use Smart Tags to Resolve Errors in Formulas2-36
37. 37. askillsapproach© 2012 The McGraw-Hill Companies, Inc. All rights reserved.Excel 2010 Using Formulas and Functions RecapExcel 2010 Using Formulas and Functions Recap• Skill 2.1 Using Functions inFormulas• Skill 2.2 Using AutoSum to Insert aSUM Function• Skill 2.3 Creating Formulas Usingthe AVERAGE Function• Skill 2.4 Creating Formulas UsingCounting Functions• Skill 2.5 Using Other StatisticalFunctions• Skill 2.6 Using Date and TimeFunctions• Skill 2.7 Using Absolute and RelativeReferences• Skill 2.8 Naming Ranges of Cells• Skill 2.9 Working with NamedRanges• Skill 2.10 Using Logical Functions• Skill 2.11 Calculating LoanPayments Using the PMT Function• Skill 2.12 Finding Data Using theVLOOKUP Function• Skill 2.13 Creating FormulasReferencing Data from AnotherWorksheet• Skill 2.14 Displaying and PrintingFormulas• Skill 2.15 Checking Formulas forErrors2-37