microsoft excel for finance professionals

Microsoft Excel For Finance Professionals

Michael TerHorstGE Commercial FinanceJune 2, 2005

2 /GE Commercial Finance /

04/11/23

IntroductionWhat Training material to increase Microsoft Excel proficiency

Written as training guide for finance professionals with low to medium proficiency; as reference guide for all Excel users

Who

Proficiency with Excel will be increased through the following:1. Increasing user awareness of Excel operations2. Examples of how and when to use those operations3. Sharing of tips and best practices

How

Comment This presentation is intended to serve as a training guide and basic reference manual. There are numerous Excel operations and techniques that are not addressed here. You are encouraged to take as much as you can from this, but to also explore Excel beyond what is discussed here to learn how it can make your job (and life) easier and more efficient.


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Topic PageTopic

Keyboard Shortcuts 4Functions – Summary 8IF 9ISNA 10

ISERROR 11AND 12OR 13SUM 14SUMIF 15SUMPRODUCT 16AVERAGE 17COUNT 18COUNTA 19COUNTIF 20PV (Investment Family) 21ROUND (Family) 22CONCATENATE 23LEFT & RIGHT 24YEAR (Date & Time Family) 25

Quick Formula Copy Down Column 30Text to Columns 32Group/Ungroup Data 34

List of Excel TopicsTopic Page

Topic“Name” Range of Cells 35Goal Seek 37 Input Validation 38Protect Worksheets 40Hide Worksheets 42 Paste Special 43 Conditional Formatting 47Insert Hyperlink 48 “Replace” Operation 49Work in Multiple Wkshts Simultaneously 50 Pivot Tables 51Freeze Panes 54 “Sort” Data Set 55 “Filter” Data Set 56 Auditing Features 57 Split Windows 58 Restrict File Access/Modification 59 Customize Toolbars 60Takeaways 61Appendix - MATCH 62Appendix - INDEX 63


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Keyboard ShortcutsKey

StrokesAction

F1 Help Function

F2 Enter directly into cell selected

F4 Toggle through “$” reference locking options in formulas (i.e. $B$12)

F7 Spell check

F12 Save as

Ctrl + A Select all cells in worksheet

Ctrl + B Set font as Bold

Ctrl + C Copy

Ctrl + D Copy formula/data from cell directly above current cell selected

Ctrl + F Find

Ctrl + G Go to

Ctrl + H Replace

Ctrl + I Set font as italics

Ctrl + K Insert Hyperlink

Ctrl + N Directly opens new excel workbook


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Keyboard Shortcuts (cont)Key

StrokesAction

Ctrl + O Opens the “open new file” prompt from “File” heading menu

Ctrl + P Print

Ctrl + R Copy formula/data from cell directly to the left current cell selected

Ctrl + S Save

Ctrl + U Set font as underline

Ctrl + V Paste

Ctrl + W Close current file

Ctrl + X Cut

Ctrl + Y Redo

Ctrl + Z Undo

Ctrl + 1 Brings up “Format Cells” box

Ctrl + 9 Hide row

Ctrl + Shift + 9 Unhide row

Ctrl + 0 Hide column

Ctrl + Shift + 0 Unhide column


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StrokesAction

Ctrl + - Delete

Ctrl + ; Insert today’s date

Ctrl + ‘ Copy EXACT formula/data from cell above (formulas don’t move)

Ctrl + Home Go to first cell of current worksheet (top left)

Ctrl + End Go to last cell of current worksheet with data (bottom right)

Ctrl + Page Up Move to previous worksheet in current workbook

Ctrl + Page Down Move to next worksheet in current workbook

Ctrl + (arrow) Move to next blank cell in direction of arrow selected

Ctrl + Shift + (arrow) Select all cells between current and next blank in arrow direction

Ctrl + Space bar Select entire current column

Shift + Space bar Select entire current row

Ctrl + shift + ~ Set current format to general number

Ctrl + shift + $ Set current format to currency

Ctrl + shift + % Set current format to percentage

Ctrl + shift + ! Set current format to comma format


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StrokesAction

Ctrl + tab Switch between open Excel workbooks

Alt + tab Switch between all open applications on computer

Alt + F4 Close entire Excel (or most any other) application

Alt + F8 Open Macro box

Alt + = Auto sum

Shift + (arrow) Highlight current cell & next cell in arrow selected

Shift + Tab Moves to the cell to the left (or previous in order)

Tab Moves to the cell to the right (or next in order)


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Functions - SummaryWhy

How

Need to make a comparison, calculation, reference, or almost any other manipulation of data. In other words, if you are doing something manually, there is probably an Excel function that will automate what you’re doing.

Tips Excel functions can save you HOURS of time. Learn how to maximize this operation to do basic analysis for you. Become confident with using functions and be able to eventually write complicated formulas. Once you become familiar with functions, you will no longer have to use the insert function and you will be able to create them straight inside cells!

1. Select the cells you want to insert the function into2. Go to Insert\Function or the icon on your toolbars3. Choose the function you would like to insert4. Follow the input prompts5. Check if your inputs make sense by viewing the preview function result6. Select OK.7. Drag your function across multiple cells as desired, keeping in mind cell

referencing ($B12 vs B12)

Examples

See following slides for examples. Every assignment will be able to use functions in different ways. If you are doing something manually… STOP. Let Excel do the work for you… making you faster and more accurate.


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Functions: “IF”Why

Formula

Need to make comparison with automated outcome based on answer

Examples

=IF([Logical Test],[Value if test is TRUE],[Value if test is FALSE])

Formula Sample Test1. =IF(H6>75,”Yes”,”No”) Is actual greater than estimate?2. =IF(H6=K77,L77,H6) If Apr = Jul, show Jul; if not show

Apr3. =IF(H6*F2=0,””, H6*F2) If calc = zero, show blank; if not

show calc4. =IF(SUM(K5:K10)=P33,”OK”,”ERROR”) Error check: Pass =

“OK”, Fail = “Error”** Use conditional formatting to make cell RED if cells shows “ERROR”

Tips Learn how to nest other functions and calculations inside of “IF” functions. Example:

Operation: “IF” function within the [Value if test is FALSE] of an “IF” functionFormula: =IF(X44<E$2,X44*2,IF(X44=Q3,”Total”,”Manual”))

Operation: “ISERROR” function within [Logical Test] of an “IF” functionFormula: =IF(ISERROR(J55),0,J55)

Operation: “VLookup” function within [Logical Test] and [Value if test is FALSE] of an “IF” functionFormula: =IF(Vlookup(“HFS”,$B$9:$K$17,3,false)=W99,0,Vlookup(“HFS”,$B$9:$K$17,3,false))


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Functions: “ISNA”Why Need to distinguish if formula in cell results in error “#N/A”

Examples

=ISNA([Cell])

Formula Sample Test• =ISNA(H6) Is cell value “#N/A”

Tips Nest inside of “IF” function. Example:

Operation: “ISNA” function within [Logical Test] of an “IF” functionFormula: =IF(ISNA(J55),0,J55)

Formula

“TRUE” or “FALSE”Output


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Functions: “ISERROR”Why Need to distinguish if formula in cell results in any error

(“#N/A”.”#DIV/0”,”#REF!”, etc)

Examples

=ISERROR([Cell])

Formula Sample Test• =ISERROR(H6) Is cell value any error?


Operation: “ISERROR” function within [Logical Test] of an “IF” functionFormula: =IF(ISERROR(J55),0,J55)

Formula

“TRUE” or “FALSE”Output


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Functions: “AND”Why Need to distinguish if all multiple [Logical Tests] are true

Examples

=AND([Logical Test1], [Logical Test2]…)

Formula Sample Test• =AND(H6>0,H6<100,H6>K7) Are all true?


Operation: “AND” function within [Logical Test] of an “IF” functionFormula: =IF(AND(H6>0,H6<100,H6>K7),0,J55)

Formula

“TRUE” if all are true, “FALSE” if any are falseOutput


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Functions: “OR”Why Need to distinguish any multiple [Logical Tests] are true

Examples

=OR([Logical Test1], [Logical Test2]…)

Formula Sample Test• =OR(H6>0,H6<100,H6>K7) Are any true?


Operation: “OR” function within [Logical Test] of an “IF” functionFormula: =IF(OR(H6>0,H6<100,H6>K7),0,J55)

Formula

“TRUE” if any are true, “FALSE” if none falseOutput


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Functions: “SUM”Why Need to sum a [Range] of consecutive cells

Examples

=SUM([CellX]:[CellY]) (also noted as =SUM([Range])Formula

Sum of cells in [Range]Output

Warning!

Be careful of hidden rows and columns when summing a string of cells! Cells that are hidden from view are included in calculations like this.

Formula Sample Calc• =SUM(H6:H200) Sum of column of cells (in

[Range])• =SUM(B23:G23) Sum of row of cells (in [Range])


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Functions: “SUMIF”Why Need to sum cells within a [SUM Range] that pass a [Logical Test]

associated with a [Test Range] containing cells in either the same rows or columns as the [SUM Range]

Examples

=SUMIF([Test Range],[Logical Test],[SUM Range])

Formula Sample Calc• =SUMIF(H6:H18,”>0”,J6:J18) Sum of cells in column J

[SUM Range] where corresponding cell in column H [Test Range] are greater than zero

• =SUMIF(H6:H18,”YES”,J6:J18) Sum of cells in column J [SUM Range] where corresponding cell in column H [Test Range] are “YES”

Formula

Sum of cells in [SUM Range] that had corresponding cell in the [Test Range] that was “TRUE” in the [Logical Test]

Output


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Functions: “SUMPRODUCT”Why Need to sum the product of numerous multiplications between two or more

[Ranges] of identical shape

Examples

=SUMPRODUCT([Range1],[Range2],…)

Formula Sample Calc• =SUMPRODUCT(H6:H18,J6:J18) Sum the product of portfolio

weights in column H [Range] multiplied by

corresponding interest rates in column J [Range] to get an overall weighted

average interest rate for the entire portfolio.

• =SUMPRODUCT(H6:H18,J6:J18)/ Sum the product of number of units sold in SUM(H6:H18) column H [Range] multiplied by

corresponding price/unit in column J [Range]. Then divide by the sum of units

sold to get an overall weighted average price/unit for the entire portfolio.

Formula

Sum of the multiplications of corresponding cellsOutput


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Functions: “AVERAGE”Why Need to find the average of a [Range]

Examples

=AVERAGE([Range])Formula

Average of cells in [Range]Output

Warning!


Formula Sample Calc• =AVERAGE(H6:H200) Average of [Range]• =AVERAGE(B23:G23) Average of [Range]


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Functions: “COUNT”Why Need to count the number of cells within of a [Range] that contain

numbers

Examples

=COUNT([Range])Formula

Count of cells in [Range] that contain numbersOutput

Warning!


Formula Sample Calc• =COUNT(H6:H200) Count of cells in [Range]

containing numbers


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Functions: “COUNTA”Why Need to count the number of cells within of a [Range] that contain any value

(are not blank)

Examples

=COUNTA([Range])Formula

Count of non-blank cells in [Range]Output

Warning!


Formula Sample Calc• =COUNTA(H6:H200) Count of non-blank cells in

[Range]

Tips If a cell contains a formula but displays nothing (to the eye is blank), it is counted by the function.


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Functions: “COUNTIF”Why

Examples

=COUNTIF([Range],[Logical Test])Formula

Count of cells in [Range] that were “TRUE” in the [Logical Test]Output

Warning!


Formula Sample Calc• =COUNTIF(H6:H200,”>0”) Count of cells in [Range] that are

greater than zero.

• =COUNTIF(H6:H200,”CEF”) Count of cells in [Range] that are “CEF”

Need to sum cells within a [Range] that pass a [Logical Test]


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Functions: “PV” (Investment Family)Why

Examples

=PV([Rate],[# PMTs] , [PMT] ,[FV] ,[PMT Type])Formula

Present value of an investmentOutput

Formula Sample Calc1. =PV(.0075,60,-22.5,100,0) Present value of following

investment:Rate: .09

Annual; .0075 monthlyTerm: 60

monthsPMT:

$22.50FV:

$100.00PMT Type:

0, in arrears

2. = PV(A8,B15,B17,Y33) Same test, just cell references used in function instead of actual numerical inputs

Need to calculate the present value of an investment

Tips 1. Rate used must be in line with PMT frequency (i.e. divide annual rate by 12 for monthly)

2. PMT Type: “1” if PMTs in advance, “0” or leave blank if in arrears3. Excel will calculate all the pieces of an investment formula: PV, Rate,

PMT & FV4. Excel will also calculate the NPV of a series of cash flows


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Functions: “ROUND” (Family)Why

Examples

=ROUND([Cell],[# Digits]) or =ROUNDUP([Cell],[# Digits]) or =ROUNDDOWN([Cell],[# Digits])

Formula

Round the cell value (in the direction if applicable) to the number of digits indicated

Output

Formula Sample Calc• =ROUND(H6:H200,2) Round cell value to nearest

hundredth• = ROUNDUP(H6:H200,2) Round cell up to the nearest

hundredth• = ROUNDDOWN(H6:H200,2) Round cell up to the nearest

hundredth

• = ROUND(H6:H200,0) Round cell up to the nearest integer

Need to round a cell value:1. To a specific decimal2. Up or down


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Functions: “CONCATENATE”Why Need to group values from multiple cells and/or hard inputs in one cell

Examples

=CONCATENATE([Cell1], [Cell2],[Manual hard input]…)

Formula Sample Output• =CONCATENATE($A$1,” Sales Report”) Group together cell

referencing the time period and a hard code indicating the report

type on that worksheet: Sept Sales Report

• =CONCATENATE(H6,A5,R22,”OP”) Group together cells referencing business name, month, expense type and hard code indicating “OP”: HFSJULYT&LOPTips 1. Use CONCATENATE to automatically update page headings in a

monthly report. Have one cell in the file where you change the month, and have all of the other heading cells link off it. In example one above, note the extra space in between the first quotation mark and the “S” in “Sales Report”. Without it, the CONCATENATE would look like: SeptSales Report

2. Use CONCATENATE functions as lookup values in lookup formulas

Formula

Value of referenced cells/hard inputs in consecutive string in cellOutput


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Functions: “LEFT” & “RIGHT”Why

Examples

=LEFT([Cell],[# Characters]) or =RIGHT([Cell],[# Characters])Formula

Exact string of characters from the direction indicatedOutput

Formula Sample Output• =LEFT (H6,7) First seven characters from the

left side

• =RIGHT(H6,3) First three characters from the right side

Need to pull out a set amount of characters in a cell from either side

Tips 1. Referenced cell can be a hard coded value or a formula2. Use LEFT and RIGHT functions in [Logical Tests] or other functions

(i.e. =IF(LEFT(H6,3)=“HFS”,J$34,””)


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Functions: “YEAR” (Date & Time Family)Why

Example

=YEAR([Cell]) or =MONTH([Cell]) or =DAY([Cell])Formula

Numerical value of the indicated section of the dateOutput

Formula Sample OutputH6 = July 13, 2002• =YEAR(H6) 2002• =MONTH(H6) 7• =DAY(H6) 13

Need to separate out just the year, month, or day from a date

Tips 1. The format of the output cell MUST be in a number format, NOT a date format

2. Other useful related functions:1. =WEEKDAY([Cell]) Pull what day of the week a date is on.

This output must be formatted as a date.2. =NOW() Displays current date and time. Format

as desired3. Many other date & time functions


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Functions: “VLOOKUP” & “HLOOKUP”Why

=VLOOKUP([Lookup Value],[Data Set],[Column Number],[Type])[Lookup Value] = Value in far left hand column of data set that you base your lookup off of[Data Set] = Location of data set you are referencing cell(s) from[Column Number] = Number of columns to the right of the [Lookup Value] in the [Data Set] where your desired reference is[Type] = Input “FALSE” to make operation look for an exact match of your [Lookup Value] and display “#N/A” if it does not find it. Input “TRUE” or omit input to make operation look for next smaller [Lookup Value] if exact is not found.

=VLOOKUP("EFS",$B$7:$I$23,5,FALSE) = 100

Formula

Need to reference cell(s) from a different data set

2

1

2

1

Example

Col # 1 2 3 4 5

3

3


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Functions: “VLOOKUP” & “HLOOKUP” (cont)=HLOOKUP([Lookup Value],[Data Set],[Column Number],[Type])

[Lookup Value] = Value in top row of data set that you base your lookup off of[Data Set] = Location of data set you are referencing cell(s) from[Row Number] = Number of rows down from the [Lookup Value] in the [Data Set] where your desired reference is[Type] = Input “FALSE” to make operation look for an exact match of your [Lookup Value] and display “#N/A” if it does not find it. Input “TRUE” or omit input to make operation look for next smaller [Lookup Value] if exact is not found.

=HLOOKUP(“Mar",$B$7:$I$23,10,FALSE) = 685

Formula

2

1

2

1

Example Row #

12345678910

3

3


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Functions: “VLOOKUP” & “HLOOKUP” (cont)Tips 1. Lookup functions are very dynamic tools for finance professionals.

Become very familiar with them and they will make you MUCH faster and accurate.

2. Learn how to utilize lookups in other functions, and other functions in lookups.

3. Learn how to create lookup formulas that you can create once, and then replicate across an entire worksheet or even across multiple worksheets. This is where an advance user gains significant productivity in Excel. Note: this often requires the use of absolute cell referencing in formulas (i.e. $B12 vs. B12). This is VERY important to get right 100% of the time. If your reference locks are not correct, your formula will not do what you are expecting it to do and you might not know until it is too late and your manager is already reviewing the data. Take your time when writing formulas, be accurate, and always spot check multiple areas across your file!

4. In the [Lookup Value] prompt, don’t be afraid to reference cells instead of always using hard inputs. You can hide reference columns or rows outside of the viewable area. This is especially useful if want to write one formula and then drag it down/across an entire page.

=VLOOKUP("EFS",$B$7:$I$23,5,FALSE) vs. =VLOOKUP($D4,$B$7:$I$23,5,FALSE)


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Functions: “VLOOKUP” & “HLOOKUP” (cont)Tips 5. Learn to use “Named Ranges” in the [Data Set]. This will help you and

future users of your file easily know what data set your formulas are referencing to.

6. In the [Column Number] or [Row Number] prompts, don’t be afraid to reference cells instead of always using hard inputs. This is especially useful if you need to change the reference column/row every month (i.e. update links in monthly report where each month you need to adjust all of your links to the next column/row down in the base data set. Reference all of your lookups in the same row/column to the same row/column [Number] cell, and you will only need to change one cell every month for that entire row. Eventually, you can build in additional functionality where all [Number] cells are linked off of one cell in cover page of worksheet indicating the month, and then you can update your entire report by updating one cell using lookups!)

7. Lookups search for an exact match of the [Lookup Value] in the [Data Set], all the way down to the format of the cell. You might have a [Lookup Value] that on screen looks exactly like a value in the [Data Set] that you are trying to reference off of, but the function will not recognize it if they are of different formats (text vs. number, etc). Go to Format\Cells or Ctrl + 1 to view/change the format of the cell(s) in your data set.

=VLOOKUP("EFS",$B$7:$I$23,5,FALSE) vs. =VLOOKUP("EFS",$B$7:$I$23,C$1,FALSE)

=VLOOKUP("EFS",$B$7:$I$23,5,FALSE) vs. =VLOOKUP("EFS",actuals2003,5,FALSE)


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Quick Formula Copy Down ColumnWhy

How

Need to apply formula, constant value, or list (i.e. “action”) down (lengthy) column1. Input desired action in new column at the first row of column. Action

column location needs to be adjacent to a column containing values down the complete length you wish to quickly apply the action. Operation does not work when action column is isolated.

2. Double click on the little square on the bottom right hand corner of the currently selected cell that contains the action you want to copy down.

Revenue Column = Quantity * Price/Unit

Before After


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Quick Formula Copy Down Column (cont)Warnin

g!

1. Check your formulas and absolute (i.e. $B12) referencing down the entire column to ensure that formula did want you wanted it to!

2. Check that your formula covered the exact length you need it to. If the column adjacent to your formula column contains a blank cell, your quick formula copy will stop at that point.

Tips Use this operation to copy down this examples:1. Formulas (as shown in example)2. Constant values

1. Business unit2. Date3. Rep name

3. Lists1. Days of the week2. Months3. Any custom list you create (Tools\Options\Custom Lists)


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Text to ColumnsWhy

How

Warning!

Need to split cell data into multiple columns

1. Highlight cells to be split2. Go to Data\Text to Columns3. Choose “delimited” if you want to split by a character (space, tab,

comma, period, etc) or by “fixed” width to split at exact places4. Choose the destination cell of the new data

Note the destination cell and data to the right of it. Excel will OVERWRITE existing data when the operation is completed.

Tip Choose destination cell that is right of your entire data set. That way you remove the possibility of accidentally overwriting existing data in your file, and can copy & paste the output columns you need anywhere you want them.

Example


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Text to Columns (cont)Example Three steps for “delimited” split of data set

In step two, choose the“delimiters”. These areitems in your data setthat you want to separate the data with. “Tab” is selected as default, you want to add “Space” and “Comma” in this example. Delimiters are not included in the operation output.

In step three, be sure to choose the destination if you do not want the operation to overwrite the data in its current location!


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Group/Ungroup DataWhy

How

Need to hide data, but reference it frequently/easily

Examples

1. Select the column(s) or row(s) you want group.2. Go to Data\Group and Outline -> Group3. To ungroup data, follow same path and choose -> Ungroup

1. Need to show subtotals and higher level details, but reference the sub-components that make up the subtotals easily

2. Need to show variance dollars, but want variance percent hidden and easily accessible

3. Any reason user has to hide data but make it easy to view

Tips 1. Use groupings to breakup large data sets and make them easier to manage/find what you’re looking for

2. Use groupings to easily alter what data you want to print. Excel will only print data that is not hidden/grouped.

3. Insert Group & Ungroup shortcut icons to toolbar for easy & quick reference


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“Name” Range of CellsWhy

How

Need identify a range of cells by a certain name for accurate/easy reference1. Select the range of cells you want to name2. Go to Insert\Name\Define3. Input desired name for range4. Select “OK”5. After you name a range, find it by selecting the range dropdown box in

the upper left corner of you screen and choosing from the list of ranges you created

1

1

2

2


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“Name” Range of Cells (cont)Example

s

1. Give each data set that is referenced in file a unique name:1. data2004, data20032. jandata, febdata, mardata3. op2004, si2004, sii2004, actual20044. original data, pivotdata, sorteddata, calculateddata

2. Give each lookup reference table a unique name:1. fiscalweeklookup2. monthlookup3. oplookup

3. Give each formula variable a unique name:1. Price2. Sales3. Net Income

Tips 1. Name ranges can not start with numbers2. Choose your range names carefully and logically. Be as specific as

possible (within reason) so they can be easily identified3. You can edit/delete range names by going to Insert\Name\Define4. Use range names in lookup formulas.5. A range name in one worksheet can be referenced in the entire

workbook. If you choose a name from the range drop down box, Excel will automatically take you to the top of that range (unless the worksheet containing the range is hidden.)


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Goal SeekWhy

How

Need to solve for one variable in calculation

Go to Tools\Goal Seek1. Select target cell2. Input target value (goal)3. Select variable cell to change

Target & Variable Cells by location Target & Variable Cells as Named Ranges

Warning!

Check your formulas after applying the goal seek to be sure that you solved for the correct value!

Examples

1. Target unit sales (with fixed price) needed to make net income target

2. Target price (with fixed sales) needed to make net income target3. Target volume needed to achieve $100k in VIC

123


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Input ValidationWhy

How

Need to restrict cell input to a unique format or dropdown list; need automatic message to appear when cell selected (i.e. for input directions)

1. Select the cell(s) you want to have the same cell input restriction (validation)

2. Go to Data\Validation3. Choose validation criteria (whole number, date, decimal, list, text length

etc) and/or write input message4. If setting dropdown list, set reference to list of dropdown options or

manually list them at prompt5. If setting formatting restrictions, set personalized error message

Warnings! 1. Consider all the inputs the end user of the file might need each cell for. Setting validation rules can be a great tool to standardize input data, but is harmful if it restricts the ability to capture all the correct data.

2. If you setup a dropdown list with the options referencing a list of cells:

1. Protect your worksheet so that list can not be manipulated2. Be aware of where that list is when you are preparing the file,

especially when you are adding/deleting rows. Be careful to not accidentally delete some of your options, or move them outside of the reference area!


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Input Validation (cont)For a data gathering file you are sending out to others and will get back:1. Restrict input of income estimates to whole numbers so you can

easily sum the inputs. Do not allow users to input “25k” for 25,000. **Set personalized error message providing specific instructions if

their original input does not pass your validation restrictions. Otherwise, they might not figure out what to do with your file, get frustrated, and not fill it out. Input restrictions aren’t going to do you any good then!

2. Restrict date input between desired range3. Set dropdown list of expense lines, cost centers, businesses,

payments in advance or arrears, product type, user name, etc.

Examples

Tip Set up data gathering file to pre-populate desired number when selection from dropdown list is made. Use vlookup to lookup selection and reference desired number. The benefit of the dropdown list is that it ensures the same selection name is used as what the vlookup is going to lookup (no extra spaces, periods, misspellings, full names vs acronyms, etc). Good idea to use dropdowns for this type of naming restriction anytime lookup functions are used.

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Protect WorksheetsWhy

How

Need to restrict the following in a worksheet:1. Cells that can be inputted/changed2. Access to hidden rows/columns3. Formatting changes

1. You have to “unlock” cell(s) you will allow changes to. Select only these cells, then go to Format\Cells or Ctrl + 1. On the “Protection” tab, uncheck “Locked”

2. Once you have “unlocked” the desired cells (if any), you can protect the worksheet. Go to Tools\Protection\Protect Sheet.

3. Good idea to use a password if sending file out to others you do not want to have the ability to make changes.

1

2

1

2


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Protect Worksheets (cont)

Examples

1. Need to lock a data gathering template you are sending out to others to fill out and return back to you.

2. Need to lock worksheet in file containing formulas that are necessary to view, but can only be changed by those who know password.

Tips 1. Minimize the number of passwords you use. There is no restriction on what type of password you choose (number or types of characters), so make them simple and very easy to remember.

2. Suggest that your entire team ALWAYS uses the same password for files that might be shared among each other, or used by someone else in the future. That way if someone is out of the office or moves to a new job, you can always change any file.

Warnings!

1. Be VERY VERY careful with passwords. There is no way in Excel to retrieve your password on a file if you forget it!

2. Be sure to check all of the cells you have “unlocked” before sending out a file for others to fill out. If you forget to “unlock” a necessary cell, it is very embarrassing and time consuming to resend a new file and explain the mistake!


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Hide WorksheetsWhy

How

Need worksheet in workbook, but do not want it visible

Example

1. Select the worksheet(s) you want to hide2. Go to Format\Sheet -> Hide

Need to have worksheet for links or lookup references, but do not want it visible to end users

Tip Separate input data, processing/calculations, and final output into different worksheets. Use minimum number of worksheets to gather input data and serve as reference hub. The smaller the number of data sources, the better!

Warning!

Only hide worksheets if you are sure that others will not be using your file (now or later on) and need to find that data/calculation on the worksheet you hid. Other users of your file will most likely not think to check the list of hidden worksheets to find something they expect to be in your file.


04/11/23

Paste Special – Part OneWhy Need to do any of the following:

Copy cell containing: Paste Outcome: Location:• Formula Formula only, no formatting Different• Formula or constant As value only, no formatting Same or

different• Formatting Same formatting Different• Comment Same comment Different• Validation Same validation Different• Column width Nothing expect column width Different• Anything Everything except borders Different

How 1. Select the cell(s) you want to copy

2. Go to Edit\Copy or Ctrl + C3. Select cells you want the

operation to be applied to4. Go to Edit\Paste Special5. Choose paste operation6. Select “OK”


04/11/23

Paste Special – Part One (cont)Example

s

1. If you have desired formatting already setup, paste just formulas or values (as applicable) to paste desired data but keep formatting

2. Paste values to remove formulas and links.3. Paste formats to apply desired formatting easily to different cell(s)

Tips Paste values when sending file to others to:1. Remove the possibly of links or formulas to get messed up2. Decrease file size (hard coded values take up much less memory

space than complicated formulas and links)

Warning!

Minimize the amount of “hard codes” you use in Excel files:1. In the world of Finance, things are always changing. ALWAYS

prepare your files to be flexible and adaptable. Create one data source, and build all links and formulas from it. Therefore if a data point changes, all the parts of your file will automatically update and you can rerun you analysis quickly and accurately.

2. If your file output file has hard coded values, no one will be able to go back in and trace your steps. This is especially important for FMPs as they move every six months.


04/11/23

Paste Special – Part TwoWhy Need to apply a mathematical operation to a group of cells

How 1. Input the numerical value you want to apply to the group of cells in its own cell

2. Select the value cell3. Go to Edit\Copy or Ctrl + C4. Select cells you want the operation to be

applied to5. Go to Edit\Paste Special6. Choose the previously discussed Paste

Special – Part One option desired (if any, the default option selects no special features)

7. Choose the desired mathematical operation

8. Select “OK”Example

s

1. Divide sales numbers by 1,000,000 to show in millions2. Multiply percentages by 100 to show as whole numbers3. Multiply expenses by –1


04/11/23

Paste Special – Part ThreeWhy Need to transpose row(s) of data into column(s) or vice versa

How 1. Select the cells you want to transpose2. Go to Edit\Copy or Ctrl + C3. Select the cell you want to paste the data4. Go to Edit\Paste Special5. Choose the previously discussed Paste

Special – Part One option desired (if any, the default option selects no special features)

6. Choose Transpose7. Select “OK”

Warning!

When you are transposing formulas, carefully check whether the formulas moved as you desired. Formulas will move relative to their new position in the worksheet, so its generally a good idea to have absolute references in your formulas (i.e. $B$12 vs B12) before you transpose them.


04/11/23

Conditional FormattingWhy

How

Set automatic cell formatting (color, border and font details) based on cell value

Examples

1. Select the cell(s) you want to have the same conditional formatting2. Go to Format\Conditional Formatting3. Choose condition(s) (cell value, formula output, etc) when conditional

formatting applies4. Choose conditional formatting

Warning!

Check your formatting conditions to see if they do exactly what you want before relying on them

1. If value is greater than estimate, make font green2. If sum of percents do not equal 100%, make entire cell red3. If mandatory input cell is blank, make entire cell yellow4. If value is negative, make font red

Tips 1. Create error check based on IF statement that outputs “Error” if the check does not pass. Then conditionally format the error check cell to be red if the formula outputs “Error”

2. If you need to search large data set for unique characters or values, set conditional format to let Excel do the work for you


04/11/23

Insert HyperlinkWhy

How

Need hyperlink to exterior or interior file

Examples

1. Select the cell you want to insert hyperlink into2. Go to Insert\Hyperlink or Ctrl + K or the icon on your toolbar3. Choose desired link location

1. Workbook (planning model for example) has multiple worksheets. Insert hyperlinks in worksheets to the main home page that you have to frequently move back and forth between.

2. Workbook has links to exterior files. Insert hyperlinks in column/row headings with exterior data for easy reference.

Warning!

Remember to update your hyperlinks if you change your data sources.


04/11/23

“Replace” OperationWhy

How

Need to find one or more characters in any number of cells and replace them with different character(s)

Examples

1. Select the cell(s) containing the characters you want to replace2. Go to Edit\Replace or Ctrl + H3. Input character(s) you want to replace in the “Find what” prompt4. Input replacement character(s) in the “Replace with” prompt5. If you only have one cell selected, choose “Replace”

If you have multiple cells selected, choose “Replace” to see output of operation cell by cell, or “Replace All” to run operation on all cells selected.

Warning!

If you only have one cell selected and you choose “Replace All” the operation will run on all cells in the worksheet (and you won’t know it if you meant to only change characters in that current cell)

1. Replace “Q1” headings with “Q2”; “Actual” with “Estimate”2. Replace formulas referencing column “C” with “K” or “$C”3. Replace formulas referencing “Tab Two” with “Tab Three”4. Replace formulas containing “$33” with “$33*1000” or “$33/100”


04/11/23

Work in Multiple Worksheets SimultaneouslyWhy

How

Need to complete exact same operation in multiple worksheets in the exact same cell(s)

Examples

1. Select the first worksheet to be edited2. Hold Ctrl key and click on additional desired worksheets3. Complete operation4. Check to see if desired outcome in other worksheets did actually occur

In multiple worksheets:1. Change page setup2. Input heading3. View in print preview4. Insert column(s) or row(s) in EXACT same location(s)

Tip The ability to work in multiple worksheets simultaneously can save you lots of time and rework, but needs to be executed very carefully.

Warning!

Make sure the spacing and location of cells you want to work on is EXACTLY the same in all worksheets selected. Very easy make mistakes in the other worksheets selected but not visible when making editing.


04/11/23

Pivot TablesWhy

How

Need to arrange (sort, sum, average, count, filter, etc) large data set quickly and accurately.

Select entire data set:• Go to Data\Pivot Tables• Select “Microsoft Excel list or database” (default) and “Pivot Table”

(default) “Next”• Make sure you your entire data set is selected in the “Range” prompt,

including headings “Next”


04/11/23

Pivot Tables (cont)How

4. Select location for outputted Pivot table (“New worksheet” or specific location in any existing worksheet in the prompt. Then select “Layout”:1. Drag field buttons from list at left into

desired location in table. ** Note: You must move at least one data point to the row field, and at least one to the value field.

2. Double click on your data point(s) in the value field, and select what operation you want the table to summarize by (sum, average, count, etc)

3. Select “OK”5. You have now setup your Pivot table.

Select “Finish”.


04/11/23

Pivot Tables (cont)

Examples

Warning!

1. Do not try to pivot an extremely large data set (be careful with anything over 10,000 rows long). Excel is likely to freeze up if you try to have it process too much data! If you need to manipulate a large data set, save data set in separate location, filter out the fields that are not mandatory for your analysis in order to decrease the pivot size, and then pivot the newly sliced data.

2. Remember to manually refresh your pivot table if the underlying data set changes. The pivot output will NOT update automatically.

1. Need to sum all T&L expenditures by expense type, vendor, and/or user

2. Need to count number of deals by business unit, region level, and person

3. Need to sum total late fee income from business, but exclude certain office codes.Tips Strong proficiency with pivot tables is one of the best tools a young finance

professional can have. By allowing Excel to arrange (pivot) the data, you can handle large sets of data quickly and at a much higher rate of accuracy. Learn how to be creative with pivot tables and work off of them with other Excel functions and tools.


04/11/23

Freeze PanesWhy

How

Need to be able to view column and/or row headings at all times in a large worksheet

Example

1. Select cell directly under the rows and to the right of the columns you want to freeze (cell A2 in example below to freeze only the top row)

2. Go to Window\Freeze Panes or the icon in toolbar

Top row frozen in place as above. Column headings can be viewed all the way down at the bottom of the data set.


04/11/23

“Sort” Data SetWhy

How

Need to sort data by alphabetic order, size (numerical value), etc

Examples

1. Select entire data set2. Go to Data\Sort3. Select column(s) you want to sort data by, in order of significance4. Select direction (ascending vs. descending) order you want to sort data

by

Warning!

If you have numerous columns in data set and you select just one column to sort, the corresponding data in each row of the column sorted by will not move with the new order resulting from the sort. ALWAYS select entire data set when sorting data.

1. Need to sort list of deals by deal size2. Need to sort list of reps by total T&L expenditures3. Need to sort list of employees by last name

Tips You can sort data set by up to three columns at once. To analyze the best performing sales rep in each region, first sort the data set by region, then be deal volume. Use this function to minimize the time it takes to organize the data and maximize the time you have to analyze it.


04/11/23

“Filter” Data SetWhy

How

Need to filter data set by selected fields

Examples

1. Select entire data set (including headings)2. Go to Data\Filter3. Select column(s) you want to filter data by

Warning!

If you have applied a filter to a data set, be very careful when deleting rows. The filter output shows just the rows containing the selected data, and all of the other rows in the data set are automatically hidden. If you try to delete multiple rows from your filter and then remove the filter, you run the chance of deleting rows you did not mean to and there is a good chance that you will not even know that you did it.

1. Need to filter out all deals in the state column showing Michigan2. Need to filter out all deals in the city column showing East Lansing3. Need to filter out all expenses items with “Hilton” as the vendor


04/11/23

Split WindowsWhy

How

Need to work in multiples parts of a large worksheet simultaneously without flipping back and forth between locations of cells

Drag vertical and/or horizontal split icons to desired position(s) in sheet, or go to Window\Split and adjust from there

Example

Allows you to breakup worksheet into multiple sections. In this example, you can change the HR Rental Car expense estimate in cell G6, and see the impact on the totals for HR in cell G16, Rental Car expense in cell Q6, and the overall expenses in cell Q16

1 1

2

2

3

3

4

4


04/11/23

Auditing FeaturesWhy

How

Need to trace what cells are linked to a certain cell through formulas by:1. Precedents – Incoming linked cells2. Dependents – Outgoing linked cells3. Error – Incoming linked cell causing an error

1. Select the cell you want to trace2. Go to Tools\Auditing3. Select desired trace operation4. Select “Remove All Arrows” to clear screen of arrows

Tips 1. The operation captures all cells that are linked, even those on different worksheets and different workbooks.

2. Very useful tool when trying to figure out a file that someone else created (especially planning session models!) Very important to check what cells (and other files) are impacted by changes you make in a current cell when you are unfamiliar with the file you are working on.

3. Good to place auditing tool icons in your toolbars


04/11/23

Restrict File Access/ModificationWhy

How

Need to restrict file access or modification to only people who know password

Examples

1. Go to File\Save As or F122. Select Tools from upper right corner of Save As box3. Select General Options from list4. Input password(s) required to open file and/or modify under same

name.

1. Need to restrict access to files with sensitive data2. Need to restrict access to highly important file on shared drive that

you do not want others to mess up (intentionally or unintentionally)

Warning!

See warning under “Protect Worksheet”


04/11/23

Customize ToolbarsWhy

How

Need to create quick shortcut icons to operations you frequently use (doing this can save you TONS of time!)

1. Open up a blank Excel worksheet2. Right click on the toolbars at the top of the screen, select “Customize”

or go to Tools\Customize3. Select the “Commands” tab4. Search in the different “categories” for an operation you frequently use5. Drag the operation icon or name to desired location in toolbars6. Repeat! Fill up toolbars as full as possible!

Examples

Icons for ANYTHING you search in menus for more than once a week! Set print area, page setup, print preview, paste special, paste as values, sort, filter, pivot tables, insert comments, delete comments, groupings, auditing features, insert rows, delete columns, freeze panes, merge cells, outline, underline, no borders, shade gray, etc etc.

Tips 1. After you select “Customize”, you can alter an icon (button) image by right clicking on it, and selecting from the list of options (including delete)

2. Do this!!


04/11/23

Takeaways Let Excel and other data management tools (Access, Oracle, Hyperion, etc) to do as

much of the data crunching as possible. You are providing no value to your team if you are spending time pushing around data.

Be consistent with file naming, headings, formatting, spacing, etc. In order to maximize the utility of the previously discussed tools, consistency is VERY important!

Automate processes/file updates/etc whenever possible. This will increase not only your speed, but more importantly your accuracy!

Take time at the beginning of a new job (rotation) to really learn the data management tools and forecasting models used by your business. You will not be able to automate or improve a process or file (i.e. provide big contribution to your team) if you do not know how the tools or files work!

Limit the number of data sources and file versions for the same reporting period. Avoid the chance for multiple people to have different values for the same number based on “Who didn’t get the last refresh of the data?”

The finance world changes constantly. Prepare files in a way to be flexible and handle quick last second changes, and be transferable for use in future time periods.


04/11/23

Appendix - Functions: “MATCH”Why Need to find the position of an item in a list

=MATCH([Lookup Value],[List Range],[Type])[Lookup Value] = Value in [List Range] whose position you are trying to figure out[List Range] = Location of data set (must be a congruent, single column or row list)[Type] = Input “1” to make operation look for largest value that is less than or equal to [Lookup Value]. Input “0” to make operation look for the EXACT value matches [Lookup Value]… (note: I always use “0” because I like to look for exact matches, try to minimize opportunities for errors).

=MATCH(C11,C6:F6,D11) = 2

Formula

2

1

1

Example

3

1

2 3

2

3 (Note: cell E11)


04/11/23

Appendix - Functions: “INDEX”Why Need to find the value in a data set by providing a specific row and/or

column number(s) combination (Note: can be used in single lists, single blocks, or non-continuous blocks of data)Formula type one (of three) – Using with data set as a single list

=INDEX([List Range],[Lookup Number])[List Range] = Location of data set (must be a congruent, single column or row list)[Lookup Number] = Position number in [List Range] whose value you are trying to figure out

=INDEX(C6:F6,C11) = Green

Formula

2

1

1

Example

1

2

2 (Note: cell D11)


04/11/23

Appendix - Functions: “INDEX” (cont)

Formula type two (of three) – Using with data set as a single block

=INDEX([Data Set],[Row Number],[Column Number])[Data Set] = Location of data set you are looking up value from [Row Number] = Number of rows down in the [Data Set] you want to reference from[Column Number] = Number of columns down in the [Data Set] you want to reference from

=INDEX(D20:G22,K18,K19) = 375

Formula

2

1

1

Example

1

2

2

(Note: cell K20)

3

3

3

Note: See Microsoft Excel Help function for assistance with the third formula type:INDEX([Data Set],[Row Number],[Column Number],[Area Number])

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