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Articles
02
Jun
How To Overcome Out Of Your Excel Mistakes?
David Ringstrom
410
Summary: In this article, you will learn about the two most popular excel features i.e. error checker and data validation for entering correct data without any chance of making mistakes. ******Everyone learns from their mistakes. But, it is also important to get things right for learning. In our review of Excel tools, we look at how the Error Checker makes formatting easier for you. As per a new study, researchers found that the brain only learns from experience when we do things right. A computer screen was shown to monkeys as two alternating images were displayed. When the monkey looked to the right in one picture, it was rewarded; when it looked the other way, it was rewarded as well. Based on their brain activity, researchers found monkeys responded more positively to correct answers.Outcomes of the above example:The brain did not change when they did not get the right image, and their behavior did not improve. We learn faster when things go our way and when we get things right, even though brain cells keep track of whether recent behavior was successful or not.How can we learn faster in Excel without any mistakes?Excel formulas can sometimes seem impossible to improve for those of us who use them. However, Excel tools now allow you to check for formula errors. A spelling checker checks for errors in data in cells using these rules. You won't be guaranteed error free by the checker, but you will find common mistakes that you can fix - hopefully forever.Error checker in Excel Using Excel, you can check any formula errors in your worksheets using the Error Checker. In order to uncover problems, it follows the rules that apply to formula preparation. While you edit your worksheet, the Error Checker runs in the background.Errors can be tracked in a number of ways. By highlighting errors as you enter data on your worksheet, or by highlighting each one at a time. The top-left corner of the cell shows a warning triangle when an error is found. Click Ignore Error to ignore the error, or you can resolve the error by using the handy options Excel displays. The error in a selected cell is not displayed in further error checks if you ignore it. You can make all previously ignored errors appear again by resetting them.Formulas tab – How does Error Checker work in Formula Tab?With a click of the drop-down menu, the error checker will automatically check your worksheet. An error can be handled by selecting Help on this error or one of the other help options. You can change the formula calculation, performance, and error handling options by clicking the Options button. The Error Checker can be used to check for errors if you specify the options for error checking before using it. Make sure the Enable background error checking the box is checked on the File tab, then click Options, then select Formulas. It is now possible to select the checkboxes that apply to error checking rules.Amazing hack to manage error-free sheet in Excel – Data ValidationThe Data Validation tool in the Excel tool also ensures that the data is entered correctly. Data validation rules examine the information, and Excel can highlight data that violates the rules (for example, invalid data) for correction. You can validate data by selecting Data Validation from the data tab. From the drop-down list, select Circle Invalid Data. If a cell contains invalid data, a red circle appears around it. Validation rules can also be added to one type of object in a worksheet.It is possible to create your own custom drop-down list if the drop-down list does not contain the information you need for data entry. Data entry can be made more consistent with a custom list. The order in which you want the entries to be entered is just a matter of typing. How to enter data using the Data Validation Tool?Press Enter after selecting the range of cells, clicking the name box, and typing a name for the range of cells. To display the drop-down list, select the cell where it should appear.Select Data Validation from the data tab.Don't include any blank cells in the cells you want in the drop-down list.By clicking the Allow down arrow on the Settings tab, you will be able to select List.Choose the values you want to enter.Input Messages can be displayed when someone enters an invalid value by clicking the tab.You can now select an alert style by clicking the Error Alert tab. Many resources can help you identify the most common errors when entering formulas if you want to correct them. The following errors occur two-digit years in cells; number formats in text or preceded by an apostrophe; formulas that do not match other formulas in the region; formulas that omit cells in a region; and formulas that refer to empty cells.At Excel-Accountant, you can read and learn more about excel tools, their updates, and their features.
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18
May
How to Link Sheets in Excel?
David Ringstrom
99
Summary: The purpose of this article is to demonstrate three ways in which you can easily navigate between numerous worksheets using hyperlinks in your Excel workbook. If you're an Internet surfer, you know firsthand how valuable hyperlinks can be. Hyperlinks enable you to access other information instantly, no matter where it is located. Excel workbooks can benefit from hyperlinks in spreadsheets, but do you know what they are? Using this great Excel feature has never been easier.Creating a table of contents for your workbook can be one way to use spreadsheet hyperlinks well. You can quickly jump to the relevant part of the workbook using Excel internal hyperlinks.What is the purpose of linking spreadsheet data?It is possible to avoid maintaining the same data on multiple sheets by creating external cell references or links. As a result, data integrity is improved, time is saved, and errors are reduced. Managers can keep detailed spreadsheets for reference and summarized spreadsheets for comparing performances. Other worksheets can be linked to a master sheet containing prices.Here's how it works: Linking Spreadsheet DataExcel displays data from another worksheet when we link data. Source worksheets contain data, and destination worksheets need data. A source worksheet contains data, and a destination worksheet wants it. Excel uses a link formula to determine what data to bring forward.The link formula syntax is =SheetName!CellReference and specifies the worksheet and cell. Creating a link to a worksheetThe following three methods will help you create a link formula. This instruction assumes that the source and destination worksheets are in the same workbook. Before beginning the link formula, always format the cell that contains it.Worksheet Data Linking - Method 1 Work from the destination sheet to the source sheet.The destination worksheet will contain the link formula, which you should enter by clicking on the cell and typing an equal sign.You can link the data in the source worksheet by clicking on the cell with the data and pressing Enter. The linked data is displayed in Excel's destination sheet.Link Worksheet Data - Method Two Paste the link in the destination worksheet after copying it from the source worksheet.Copy the linked data into the source worksheet.Select the cell where the link formula should appear, and then click Paste ⇒ Paste Link on the Home tab. Alternatively, you can use Edit > Paste Special > Paste Link in older versions of Excel.It is displayed in the formula bar of the destination worksheet and the formula bar of the link formula. Excel creates formulas with absolute cells using this method.To remove the animated border, return to the source worksheet and press ESC.Writing Formulas Manually - Method 3It is not difficult to enter formulas manually: equal sign, sheet name, exclamation mark, and cell reference: =SheetName! CellReference. You can use Notepad to enter multiple formulas, copy, paste, and modify them if you have multiple formulas to enter.It's not necessary to capitalize worksheet names. If you enter the worksheet name in the formula without the capital letter, it will add the capital letter. In reverse as well.A single quote must be used to surround spaces or special characters in linking formulas.The Linking of Ranges of CellsSelect the cells you wish to link and click Copy. Then, using the Home tab, click the cell in the destination sheet where the upper-left cell of the range should appear.Range values will be linked to the destination sheet and appear there. In each range cell, a link formula will reference the corresponding cell on the source sheet.No doubt that working on excel makes your life easier but we can’t deny the fact that not everyone is an expert in using excel. So, to make it easy for you, Excel-accountant brings you the platform where you can learn more about excel. We are the website for all the professionals who want to become PRO at using excel. Join us today!
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16
May
Excel Functions & Formulas for Finance
David Ringstrom
418
Interested in learning Excel for finance? You are in the right place. We want you to succeed in your career as a financial analyst, which includes Microsoft Excel expertise.For finance professionals, we've outlined the most important Excel functions in this guide. You should be well prepared to become a world-class financial analyst if you work your way through this list.Top 8 Excel Functions for FinanceYou need to know these 8 functions and formulas simply and clearly. You will be ready to handle any financial problems in Excel when you follow this guide. All of these formulas and functions are useful on their own, but they can also be used in combination to make them even more powerful. These combinations will be highlighted whenever possible.1: XNPVFormula: =XNPV(discount_rate, cash_flows, dates)For finance professionals, XNPV is the most useful formula in Excel. For a valuation analysis to determine a company's value, a series of cash flows must be calculated to determine its Net Present Value (NPV).By taking specific dates for cash flows into account, XNPV is much more useful and precise than regular NPV in Excel.2: XIRRFormula: =XIRR(cash flows, dates)A similar function to XNPV is XIRR, which calculates the internal rate of return for a series of cash flows based on specific dates.Since the time periods between cash flows are unlikely to all be the same, XIRR should always be used over regular IRR.3: MIRRFormula: =MIRR(cash flows, cost of borrowing, reinvestment rate)One of the most important things for finance professionals is to understand the internal rate of return in its many variations. In this formula, M stands for Modified, and it is especially useful when investing the cash from one investment in another.Suppose a private business invested its cash flow in government bonds.A high-returning business with an 18% IRR that reinvests cash in a bond at only 8% will result in a combined IRR that is considerably lower than 18%.4: PMTFormula: =PMT(rate, number of periods, present value)Finance professionals who work with real estate financial models often use this function in Excel. It is easiest to think of the formula as a mortgage payment calculator.You can calculate how much the payments will be given a number of time periods (years, months, etc.) and the total loan value (e.g., mortgage).In this way, both principal and interest are included in the total payment.5: IPMTFormula: = IPMT(rate, current period #, total # of periods, present value)A fixed debt payment includes an interest component calculated by IPMT. In conjunction with the PMT function above, this Excel function works very well. Taking the difference between PMT and IMPT in each period, we can arrive at the principal payments for each period by separating out interest payments.6: EFFECTFormula: =EFFECT(interest rate, # of periods per year)Non-annual compounding interest rates are calculated in Excel using this finance function. In particular, finance professionals involved in lending and borrowing should know about this feature in Excel.In the example above, a compounded monthly interest rate of 20.0% is actually a 21.94% annual interest rate.7: DBFormula: =DB(cost, salvage value, life/# of periods, current period)Accounting and finance professionals will find this Excel function very useful. This formula allows Excel to calculate your depreciation expense for each period without building a large Declining Balance (DB) schedule.8: RATEFormula: =RATE(# of periods, coupon payment per period, price of the bond, the face value of the bond, type)A security's Yield to Maturity can be calculated using the RATE function. If you want to calculate the average annual rate of return on bonds, you can use this calculator.Are you looking for more functions or formulas in Excel that will help you in making your daily task easy? Welcome to Excel-Accountant, a platform from where you will get all the updates about excel tools.
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22
Apr
How To Import Excel Data into Access?
David Ringstrom
99
Using Microsoft Access, you can match fields between or among Excel databases to create a relational database. In addition to aggregating or analyzing large amounts of data, Access files can contain multiple Excel spreadsheets. To use the Excel spreadsheet in Access, you must first import it. Several steps are required to accomplish this.In this article, you will know about how to import Excel data to access by converting your Excel data to relational tables and moving it to Access.Note: It is necessary to remove all formatting in the Excel file before importing it. A few examples include centered text, bold text, underlining, etc. Make sure the column headings do not have any spaces. Access can recognize the columns and import them without errors when the spaces are removed.Moving data from Excel to Access can be broken down into three steps.Step 1: Import data from Excel to AccessStep 2: Use the Wizard for Table Analyzer to normalize the dataStep 3: Integrate Excel data with AccessHow to import Excel data to access?Preparing and cleaning your data before importing can make the process go much more smoothly. It is much easier to settle into your new home if you clean out and organize your possessions before moving.Import your data after cleaning itIt's a good idea to do the following in Excel before you import data into Access:Multiply the values in one cell if they are not atomic (i.e. multiple values in one cell).It is possible to remove multiple embedded spaces, leading, and trailings by using the TRIM command.Please remove all non-printing characters.Errors in spelling and punctuation should be corrected.Duplicate fields or rows should be removed.Numbers formatted as text or dates formatted as numbers should not be included in columns of data.Import the correct data typeIn general, choosing the best data type involves choosing the smallest one that matches the kind of data you have and allows for all its possible values.Normalizing Data Using the WizardIt may seem daunting to go through the process of normalizing your data at first. With the Table Analyzer Wizard in Access, normalizing tables is much easier.Select columns and automatically create relationships in a new table. Make an existing column a primary key, rename a table, and undo your last action using button commandsHere are some things you can do with this wizard:Convert a table into smaller tables and automatically create a primary and foreign key relationship between the tables.Create a new ID field that uses the AutoNumber data type or add a primary key to an existing field with unique values.Ensure referential integrity with cascading updates by automatically creating relationships. You can add cascading deletes later to prevent accidentally deleting data, but they are not automatically added.Identify duplicate or redundant data in new tables (such as customers with two different phone numbers) and update them as needed.Append "_OLD" to the name of the original table after backing it up. Once the original table is recreated, a query requires its original name so that all existing forms and reports can use the new structure.Integrating Excel data with AccessIn Excel, it's a simple matter to connect to the Access data. This is after you've normalized the data in Access and created a query or table to reconstruct the original data. Access now recognizes your data as an external data source, allowing the workbook to connect to it through a data connection. A data connection identifies, logs on to, and accesses the external data source. In addition to storing connection information in a workbook, connection files such as Office Data Connection (ODC) files (.odc extension) and Data Source Name files (.dsn extension) may also store this information. The Excel workbook can also be automatically updated whenever the data in Access is updated once you have connected to external data.Would you like to discover new Excel features and functions, as well as learn more to avoid frustration and streamline your work? Excel-accountant is your one-stop shop to learn all excel tricks, formulas, how-tos & shortcuts. We are providing training for CPAs, Tax Pros, Auditors, Accountants, Bookkeepers, and Finance Pros to make you an excel geek.
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17
Apr
How To Replace Cell Formats in Excel Workbook?
David Ringstrom
99
A whole Excel workbook may need to be formatted, which can be time-consuming if each worksheet is edited separately. As you are working in a big firm and need to update excel quickly, what will be your strategy? Do you replace it manually or are you going to try some excel tricks? Obviously, you need special tricks!In this article, you will know more about excel workbooks and also get a sneak peek way to entirely format the workbook in minutes. In the current economic climate, people are embarking on economic drives to save money at home and work, with utility companies announcing substantial price increases.Let’s just take a scenario of some company XYZ, where a strict regime has been instituted to cut costs across the board. The manager called a meeting where the entire staff was asked to reconsider their actions. If you're making that phone call, wouldn't an email suffice? Does the light in the stationery cupboard need to be on when nobody is in it?" he said.His posters ask, "IS THIS NECESSARY?" reminded people that an economic drive was underway and that small savings would add up to a considerable saving over a year.One employee went to print an Excel workbook with this new cost-cutting attitude in mind. A glimpse of one of the posters prompted a thought as he was about to click Print. Even though the workbook was for reference only, all the column headers and totals were bold. Ink would be wasted if he printed the bold entries as they were, so he changed them to regular type. Unfortunately, this workbook had 27 worksheets, so it would take a while to complete.In Excel, he can change the formatting of an entire workbook with a few mouse clicks rather than altering each worksheet individually. From version 2003 onwards, the process has been the same. Eliminating the bold fonts:For example, the employee would have eliminated bold fonts from the entire document.To bring up the Find & Replace dialog boxOpen the workbook and press Ctrl + HClick Format instead of typing into the Find What boxThis will open a dialog box for finding formatsGo to the Font tab and select Bold from the Font Style menuClick the OK buttonWhen you are back in the Find and Replace box, click the Format button, select Regular from the list, and click OK. Finally, click OK to return to the Find and Replace window. Once you have selected the Workbook, click Replace All in the Within box. By now, Excel has been instructed to replace all bold text within the workbook with regular text.It would help if you spent some time exploring the Find Format dialog box. All the tabs will show you the formatting options available to you. For example, use different fonts or borders, or experiment with different fonts.One of the great features of this application is the ability to perform many similar tasks using the same process once you learn how to do one. Thus, the learning curve is much less steep, and students can develop a working knowledge of Excel fairly quickly. It is always in demand for those skilled in the use of Excel, so why not explore the versatility of the application? To get more updates or need extra drive into the excel features, Excel-accountant is here to solve your issues. You can read all our blogs to know about excel and become an expert in using excel. Try it!
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13
Feb
Easy Method To Add Currency Converter In Excel
David Ringstrom
99
Summary: Do you want to convert pounds to dollars using a simple currency converter by multiplying an entire column by a single cell? In this guide, you will get the best way to do it. In Excel, users have a column of pounds' prices in one column, and you want to add a column of dollars' prices. A pound to dollars conversion rate will be used in this article to multiply all cells in a column to produce a second column showing these converted values.Calculations can be made by referring to a particular cell containing the conversion rate. It would be very amazing if we could type in a new conversion rate and have all the converted cells updated accordingly. Steps for creating a price list in dollars:Create a list of prices in poundsAdd the exchange rate to a single cellMultiply everything in your list by the exchange rateHow to create a currency converter?Excel will be used to create a new worksheet. Let's just explain this using an example.Example:Cell E4 contains DOLLARS, and cell D4 contains POUNDS. Until you reach 100, we will type the following numbers in successive cells down the column, 10, 20, 30, etc. Press Enter after adding the last number. The next step is to format every cell in this group so that it shows pounds currency. So, let's begin by selecting cells D5 to D14. Then, click the blue Accounting Format button on the Home tab, just right of the center. There is now a correct currency indicator for all the numbersLet's add the pound-to-dollar exchange rate now. Check out the latest exchange rate by searching for "pounds to dollars". As of today, it is x (x is some numerical value). For convenience, we will add this to the top of the table, so in cell D1, enter RATE. After that, enter x into cell E1. To convert pounds to dollars, multiply each of our prices in the list by this rate.For the calculations, we must format the cells under DOLLARS correctly, so select cells E5 to E14, and then click on dollars to the left of the blue Accounting Format button. To view more accounting formats, select More Accounting Formats. Click the downside arrow that is next to the Symbol on the Format Cells panel, choose dollar, and click OK. Any numbers added to these cells will now be displayed as dollars. Our next step will be to calculate.Choose the cell on the ride side of the first price to begin. Press Enter to finish typing this formula in cell E5. You can see that £10 is equivalent to $16.04. This could be repeated for every price in the list, but imagine how long it would take to repeat the formula 10 times. You can copy and paste the first formula down all the cells if you like using the Fill Handle.You will need to select cell E5 to do this. Next, press and hold down the left button and drag it down until you reach the small black square below right of the cell - this will copy and paste the first formula to all the other cells. You will see error codes when you try this, however. Formulas are created by filling up rows by one, so when you fill up a cell, the formula will become D6*E2 from D5*E1. It is necessary to keep the 1 after the E from increasing since the currency rate is only in cell E1.This can be accomplished by editing the formula in cell E5. Once again, select cell E5. You'll immediately see the cell formula =D5*E1 in the white Formula Bar about the spreadsheet cells. Next, Left-click between the E and the 1 part of the formula - still in the formula bar - and hover your mouse over E1. The E and 1 are now flashing vertically. You can find the F4 function key on your keyboard in the top row. If you want to end up editing, click on the Enter key. A dollar symbol has been added before the E and the 1 as a result.Click on any other cell to remove the highlight, then use the Fill Handle to fill the revised formula down to cell E14. As you can see, all calculations were done in one go - and voilà, all prices are displayed in dollars. Next, you can see the formula in cell E14. This should show =D14*$E$1The conversion rate is multiplied by cell E1All the formulas in the E column clearly show that every calculation uses E1. Using the dollar symbol before the 1 in the formula prevents the number from increasing as you fill in, so no matter how far down you fill in the formula, the price is always multiplied by cell E1.Our table needs to be updated if the conversion rate changes to 1.7. You just need to change the value of cell E1 to 1.7, then press enter. There will be a change in all the dollar columns. It's finished, and that's how we convert currencies. Consider attending a training course if you want to learn more about Excel formulas and use the dollar symbol, among other Excel features. Training courses are usually a good way to learn Excel quickly.This is the easiest way to add or create a calculator in Excel. If you want to learn more about excel to excel your skills, read other blogs only at Excel-accountant. From the latest updates to the best tricks to using Excel, you can learn everything on the Excel-accountant platform.
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