Excel for Windows* Introductory to Intermediate to Advanced

Transcription

1 Learning by Ding v1 Excel fr Windws* Intrductry t Intermediate t Advanced By Dennis F. Galletta Cpyright August, 2016 Intrductry Excel Entering Titles and Frmulas... 1 Making it Lk Gd... 5 Graphics... 8 Intermediate Excel Three Tips fr Gd Spreadsheet Design Cpying and Handy Extraplatins Summing, Cpying, and Extraplating: Example Filtering Srting Summaries and Outlining Pivt Tables Pivt Charts Functins Advanced Excel Basic and Statistical Functins Cnditinal Cunting Frequencies Crrelatins Regressin Testing fr differences Financial Functins Mail-Merges frm Excel Spreadsheets Cncatenating Cells Pulling in External Data Sensitivity Analysis with Data Tables and Cnditinal Frmatting Tw-Input Data Table Scenaris Lkup Tables Hlkup Vlkup Auditing Spreadsheet Cells Using Named Ranges - Reprise Cnstraining Inputs fr cells Basic Macrs Linking Cells frm Other Wrksheets and Files Taming Printing Custm Date Frmatting * Mst f this will wrk in Mac OS, but the Mac versin usually lacks sme features. 0

2 Part 1: Intrductry Excel Once yu start Excel, yu will see a blank wrksheet (see belw). If yu d nt see a blank wrksheet, yu can create a new ne by pressing C-N. A typical (XGA r SXGA) screen might prvide a dzen r s clumns and three dzen rws. The icn placement als changes with yur screen size/reslutin. There are actually ver 17 billin cells (16,384 clumns by 1,048,576 rws). The screen windw is just that a small windw int that large wrk space. Excel 2003 nly had 15 millin cells, s this is a thusand-fld increase. The hrizntal white bar with heavy black brder is the "cursr" that pints t the current cell. Yu can mve it with the arrw keys. Whatever yu type ges int the current cell, and shws up in an editing area, just abve the clumn letters (which becme their names). Yu can type values (frmulas r numbers) r labels in thse cells. Values are entered with an = sign in frnt (sme Excel versins allw a + sign). Labels usually begin with a letter r a qute mark. If yu type a value that Excel interprets as a label (fr example, 2+3, which actually shws up as the label 2+3 nt 5!), yu can duble-click n that cell and place an equal sign in frnt f it. This makes it int a value (and displays the answer, 5). Entering Titles and Frmulas Type titles and numbers by entering them int any cell. Type frmulas with = at the beginning. Fr example, instead f just typing 2+3, yu wuld type =2+3 Refer t ther elements with clumn letter and rw number. Fr example, t add the value in clumn B, rw 4 and clumn B, rw 5, yu wuld mve smewhere (such as B6) where yu want the result, and enter =B4+B5 int that cell. 1

3 Our Gal Our situatin: With a $500 (think f millins r billins if yu d like) investment, we have sme revenue and cst prjectins t analyze. Our task is t create a prjected incme statement fr 2015 thrugh 2018, including summary statistics and a graph. The final prduct will lk like this: The Task We will build this frm scratch, step by step. Dn t type anything yet until Step 1! Press R at the end f each frmula yu type. Step 1: Enter Titles and Fixed Numbers 1. Mve t C1 and type 2015 (then dn't frget t press R) 2. Mve the tip f the muse pinter arrw again t C1 and click and release the muse buttn. A rectangle will appear arund the Then mve t the bttm crner f cell C1. The pinter shuld becme a thin plus sign. Hld dwn the C key while yu click and drag frm the bttm crner f C1 t F1. Let g f the muse buttn. The area yu dragged is a "range" and yu just entered 2015, 2016, 2017, and 2018 withut typing them. Step 2: Enter frmulas fr Mve t A2 then type each label dwn t A15, then each frmula in C2 thrugh C8, as shwn in the tables belw. In cells C3, C4, C6, C7, and C8, the answer will "pp" int the cell after yu press R. If yu make an errr, usually the und/red icns way at the tp left f the screen will fix it (see them belw Excel 2016 is the image n the right). The und icn is the ne circled. Next t each und icn is a red icn with an arrw pinting in the ther directin. Excel 2013 Excel

4 Enter labels Enter labels Enter frmulas in Type in Cell Type in Cell Type Cell A2 Sales A9 Statistics C A3 Cst f Sales A10 Maximum C3 =c2 *.35 A4 Grss Prfit A11 Minimum C4 =c2 - c3 A5 Fixed Csts A12 Average C5 500 A6 Prfit befre taxes A13 Standard Deviatin C6 =c4 - c5 A7 Taxes A14 Net present value C7 =c6 *.35 A8 Net prfit A15 Internal rate f return C8 =c6 - c7 2. Type investment in B9 3. Place -500 in B8 Step 3: Shrtcuts fr entering frmulas fr 2016 thrugh In cell D2, type =c2*1.2 and press R 4. There are tw mdels in this spreadsheet. One is a mdel f sales grwth (20% increase per year), and the ther is a mdel f incme and csts. We will first cpy the sales grwth mdel acrss t the ther years by using the fllwing prcedure: 5. Make sure the muse pinter is inside cell D2. Click n D2 and let g. 6. Pint t the bttm right f D2 and make sure the cursr becmes a bld but thin plus sign (nt a nrth-suth-east-west set f arrws). 7. Click and hld the muse buttn, then click the C key, then drag t F2, let g f all buttns and keys. The results in the first tw rws will appear as belw: A B C D E F Sales Finally, cpy the entire incme statement mdel t 2016 thrugh 2018 like s: a. Click/drag t highlight the range C3 t C8, then let g f the buttn. b. Mve the pinter t the bttm right f C8, and the cursr shuld turn int a bld, thin plus sign as befre. c. Hld the C key, and click and hld the muse buttn. Then drag t cell F8. The screen shuld lk like the fllwing (and dn t wrry abut the small triangles in the crners f sme cells, nt shwn belw): A B C D E F Sales Cst f Sales Grss Prfit Fixed Csts Prfit Befre Tax Taxes Net Prfit

5 Step 4: Insert the Ttals 1. Mve the cursr t cell G1; Type Ttal and press R. 2. If the cursr is nt n cell G2, click n cell G2. 3. Press the AUTOSUM tlbar icn. It's a sigma sign (Σ). Then press R. It will autmatically create and cmpute a sum frmula, as fllws: =sum(c2:f2). The ttal in G2 becmes Click n G3 (nt G2) and drag t G8. Let g f the buttn. 5. Click n the AUTOSUM icn and this time all six sums will be entered at nce: Ttal Step 5: Cmpute the Statistics (analysis f the years, nt including the ttal clumn) 1. Mve t cell C10 2. Dn't press R at the end f this: Type the fllwing five characters: =max( 3. Click n C8 and drag t F8 (NOT G8!) 4. Let g f the muse buttn and press R. If yu mve back up t C10 and lk at the frmula, yu might ntice that Excel quite kindly furnished the right parenthesis. 5. Repeat the same steps (g t the cell, type the frmula, click & drag C8 t F8, let g, R) with the fllwing functins in the fllwing cells: in cell start with in cell start with in cell Start with C11 =min( C12 =average( C13 =stdev( 6. G t C14. Type =npv(.05,b8:f8) and press R. Yu'll g t C15. Type =irr(b8:f8,.5) and press R. Yu culd have clicked and dragged B8 t F8 instead f typing the range, as yu did abve, but in the last case, rather than press R yu wuld have pressed a cmma and the.5 then R. Even thugh frmatting is nt as yu might like it (decimal places, dllar signs, etc.), all f yur wrk shuld nw agree with the numbers shwn belw. Frmatting cmes after we shw yu hw t save yur wrk, belw. 4

6 Step 6: Save yur wrk A B C D E F G Ttal 2 Sales Cst f Sales Grss Prfit Fixed Csts Prfit Befre Tax Taxes Net Prfit Statistics (investment) 10 Maximum Minimum Average Standard Deviatin Net present Value $ Internal Rate f Return 25% 1. The quickest way t save yur wrk is t press CS. Other ways are t click n the flppy disk icn (the 2nd small icn at the tp left crner f the screen). What s a flppy disk, yu ask? Ask smene wh is at least 40 years ld! The first time yu save, it cmes up as SAVE AS and yu need t decide where t save it, and what name t use, as in mst applicatins. This wrkbk will assume yu are familiar with yur particular perating system and will nt prvide detailed instructins fr lading and saving. 2. Clse the file by clicking FILE at the tp left crner just under the flppy disk icn and clicking n Clse. 3. Open the same file immediately by using the FILE pull dwn menu and then yur particular perating system s instructins fr pening recent files. Step 7: Print yur wrk (D nt d this in class) 1. Put yur name in cell A1. 2. If yu're ging t print, make sure yur printer is cnnected prperly. 3. If yu want t adjust the page setup (fr example, if yu want t frce the entire spreadsheet t fit n ne page, r change its appearance (grids, clr, titles, etc.): Click n FILE then chse Print. If yu want t change the rientatin (prtrait vs landscape), margins, r ther ptins, click n the ptin yu want. Then lk fr N scaling at the bttm f the Print panel, and click it. The drp-dwn list will shw an ptin Fit Sheet n One Page. Yu ll see an instant preview in the right windw as yu change the ptins. If yu re cnnected t a printer, click the large Print icn. Yu might have t scrll up a little t see it again. Press E t get back t yur spreadsheet. Making it Lk Gd Step 1: Dress up the numbers; fix clumn widths 1. Click Hme at the tp, next t FILE. 2. G t B2. Click and drag frm B2 t G Find and click the $ icn n the Number segment. 5

7 4. Click n cell C15. This has autmatically been selected t be a percent. If it had nt, then yu wuld simply click n the % icn near the $. T change the number f decimal places, use the buttns. The left ne increases the number f decimal places, and the right ne decreases the number f decimal places. While watching the effect n the number in C15, click 3 times n the left ne, then click nce n the right ne t arrive at 2 decimal places. Yu shuld see 25.49% in C15. Step 2: Dress up the headings Click and drag frm C1 t G1. Click the B tlbar icn near the left in the Fnt segment fr bld (r press C-B). While the range is still selected, click the U icn fr underlining (r press C -U). Enlarge the headings by clicking n the arrw just t the right f the fnt size 10 r 11 near the B tlbar icn (see belw). Click n the 14 in the list. Step 3: Fix up the spacing by mving things arund a bit: 1. Drag the range A9 t A15 2. Mve the muse pinter t either the tp r bttm edge f the range, making sure it turns int a skinny crss with arrws in 4 directins (nt the wide nrmal cursr). While it remains the 4-way arrw, click and hld the muse buttn, drag the range dwn tw lines, and let g f the muse buttn. 3. Repeat this with the range C10 t C15 (mve it dwn tw lines) 4. Mve the cursr t C12 and lk at the frmula in the edit windw...even thugh yu mved the frmula dwn frm C10, the frmula still pints t the crrect cells C8:F8. 5. Make the wrd "Statistics" stand ut a little better as a heading: Click n cell A11 (which shuld nw cntain the wrd "Statistics" Click the B frmatting tlbar icn and the I icn (r press CB then CI). Click n the dwn arrw t the right f the fnt size. Select 14 as the new size. Step 4: Frmat the numbers t lk like a business analysis 1. Mve t cell C3 2. Click n the tlbar icn that lks like a big cmma [ see the image t the right ]. The $ sign will then disappear. 3. Paint" the ther cells in that way, as fllws: Click n the paintbrush (tp left, circled) Click and drag cells C3 t G7 Let g f the muse buttn and all f thse cells will be frmatted like cell C3 4. Include underlines as fllws: 6

8 Step 5: Add a title Click and drag frm C3 t G3 Click n the U icn Repeat fr ranges C5:G5, C7:G7, C8:G8 1. Click n the rw number (left margin f rws) 1, then drag dwn t 2. Rws 1 and 2 will becme highlighted all the way acrss t indicate that they are selected. 2. Click n the Hme tab. 3. Lk fr the Cells panel twards the right and then click n the Insert icn (t d it in ne click, just click the picture prtin nt the small black dwn-pinted triangle). 4. The entire spreadsheet will mve dwn by tw lines. 5. Click n varius frmulas and lk at the frmula bar t discver that they have all becme adjusted prperly. 6. Nw there is rm fr a title. Click n cell A1 (nw a blank cell). Type Sales Prjectins. 7. Mve dwn t cell A2. Type 2015 t We will nw center the title n the page. First, we must mark the width: Mve t cell A1, t the middle f the cell. The pinter shuld still be a wide-utlined plus-sign. Press the muse buttn and drag acrss t G2, marking the range A1 t G2. 9. Then, we'll center the text acrss the clumns. Click n the dwn arrw under the Frmat icn in the Cells panel (see abve). Then chse Frmat Cells. Click n the Alignment tab. In the Hrizntal pull-dwn list, click Center acrss selectin. Click K. 10. Nw change the size t 18 as yu did befre (next t the fnt name). 11. Click n the B icn (r use cntrl-b). Keep the selectin dn t mve the cursr! Step 6: Place a brder arund the title, change clrs 1. Make sure yu re in cell A1 as instructed abve. 2. There are three icns we'll use. The first changes the brder arund selected cells; the secnd changes the backgrund clr; the third changes the fnt clr: 3. Click n the first and select any pattern yu wish frm the dzen yu see. 4. Click n the secnd and select any clr. 5. Click n the third and select a cntrasting fnt clr. 6. Click n any empty cell f the spreadsheet s yu can see the clr shw up. Step 7: Resize the spreadsheet view s yu can see mre n the screen 1. One final task in preparatin fr graphing...t save a little space, delete rw 2 by ding the fllwing: a. Click n the left margin rw number 2, and the entire rw will becme highlighted. b. Click n the Delete icn in the Cells panel. Nw the entire spreadsheet shuld apprximately fit n the screen because the title nly takes up ne line. 2. T see just what yu want, click the t + slider at the bttm right crner f the spreadsheet windw. Save the spreadsheet as basic spreadsheet. 7

9 Graphics Step 1: Create a Basic Chart 1. Click and drag cells A9 t F9 t select the wrds Net Prfit and all f the prfit numbers t the year On the INSERT ribbn bar, click n the icn that lks like a bar graph (see picture ). It is the small ne just up and t the right f the large icn Recmmended Charts. 3. Sme ptins will pp up as shwn belw. I chse the 3-D clumn chart as shwn belw (the last ptin). The resulting graph pps right int the dcument. 4. The bar graph will appear, mst likely in an dd place (perhaps verlapping yur spreadsheet). 5. When the graph is selected, yu can click and drag the graph int place. 6. Yu'll see tiny black squares at each crner and in the middle f each side. These are "grab bars." Yu can click and drag these t resize the graph if desired. 7. T experiment with ther types f bar graphs, right-click the chart and select Change Chart Type. Step 2: Add ther data t the chart. 1. Drag cells A3 thrugh F3 (the wrd Sales thrugh the sales fr the year 2018). 2. Cpy the range t the clipbard with C -C. 3. Click n the graphic and make sure the grab bars and graphic shw up. 4. Paste in the sales infrmatin with C -V. D it twice s yu can learn hw t remve a series frm the graph. 8

10 5. T remve the duplicate set f bars, click nce n ne f the 4 bars fr sales in any ONE year. All sales bars will becme selected (shwing little circles at all crners). 6. Press X t remve the secnd set. Step 3: Add axis labels 1. Click in the empty white space near the edge f yur chart s yu can see grab bars. Yu shuld als see a green + alng with a paint brush and a funnel n the right side f the graph. We will use them later. Fr this set f instructins, it is k if multiple things inside have lines and grab bars, r nly the entire image itself. 2. Click n the green + and mve the cursr t the wrd Axes and then t little black triangle that will appear t the right f Axes. Make sure nly (fr this task) the first tw are selected (Primary Hrizntal and Primary Vertical). 3. Click n A2 and drag frm A2 t F2 t select the years (and the tw blank cells befre the years). 4. Cpy t the clipbard with C-C. 5. Click nce n the graph. 6. On the Hme icn ribbn, click n the small triangle under Paste and select Paste Special. Yu'll see the fllwing bx: 7. Click n Categries (X Labels) in First Rw, then click n Replace Existing Categries t remve the 1, 2, 3, and 4 that were there. 8. In Excel 2016, the sales bars might disappear. Cpy and paste again if necessary. 9. Yu can enlarge r shrink the numbers: E.g., t shrink the years, click n any ne f them and the entire set shuld be bxed in with lines arund them. Then click the A v buttn in the Fnt grup r pick the Fnt tab and click n a different fnt size. 10. Yu can als click and drag the graph t be bigger r smaller in any dimensin. Step 4: Add a title and X axis label 1. When the chart is selected, tw new icn ribbns appear and are available t yu. Chart tls: DESIGN and FORMAT. 2. Click the DESIGN ribbn and the small v just after the name f the first icn Add Chart Element. A list f chart elements will pp up. Mve the cursr dwn t the little triangle next t Legend then chse where yu want the legend. The previus legend can be deleted. Just click n the ne yu dn t want right in the chart and press the DEL key. 3. T insert a title, just use the same Add Chart Element v pull dwn. Select the little triangle next t Chart Title and click where yu want it. 4. Yu can nw click n the chart title and insert yur wn. I chse Sales Prjectins 5. Again under Add Chart Element v, pint t the little triangle next t Axis Titles and chse Primary Hrizntal 6. T label the X axis, just type the title yu want right there. I chse Year. 9

11 Step 5: Anntate the chart The first bar (the negative ne) is prblematic. It might be useful t anntate it s that the reader can understand why a lss appears t be there. There are several drawing tls but we will nly pick ne as a sample because they all wrk identically. Nthing special has t be selected. S just get started. 1. Click n the INSERT icn ribbn and chse Shapes in the Illustratins blck f icns (the secnd grup). 2. Pick the arrw under the LINES grup. 3. Draw the arrw as shwn belw. I knw, this wn t win any design awards. 4. Still n the Insert icn ribbn, select Text Bx. 5. Click n the graph in the blank area at the surce f the arrw (bttm right). 6. Type (investment) (withut the qutatin marks) in the text bx. 7. Click the wrd (investment) that yu just entered, and in the FORMAT icn ribbn, yu can chse different styles fr lines, shape, fill, and effects. Enjy! 8. Resize the bx if needed. 9. Feel free t save this spreadsheet as befre, with CS r click n the flppy disk icn (the 2nd small icn at the tp f the screen). 10

12 Intermediate Excel Three Tips fr Gd Spreadsheet Design Minimize the numbers yu enter directly int frmulas. It is best t separate any numbers that can pssibly change, fr example an inflatin rate. Put such numbers int separate cells and insert their cell addresses int yur frmula. Althugh yu might nt plan t change them when yu build the spreadsheet, smene might say what if the inflatin rate increases? Als, beware f any hidden assumptins. Fr example, sales culd increase because f higher prices and als because f higher demand. A frecast f demand increases shuld be separated t. Click the fllwing address right n this PDF (r pen a brwser, then type the fllwing address) t dwnlad the spreadsheet shwn belw: Ntice that the price increases and inflatin rate are mre easily changed in the bttm example. What wuld yu have t d t change thse assumptins in the upper example? That s right, yu wuld waste valuable time. Prevent disasters! Put separate analyses int separate wrksheets r diagnally. In the example belw, if yu transfer yur mney frm Taster Bank t Greedy Bank, and wish t delete the rw with Taster Bank, yu will als delete all f yur frecasted lan receipts. This file is available at 11

13 A better way t handle this wuld be t mve the liquidity analysis t a different wrksheet r diagnally as shwn belw in Remving Taster Bank will then be n prblem. Cpying and Handy Extraplatins Yu can cpy cells using many different tls. Quickly cpy r extraplate the results frm ne cell t thers by clicking n the + that appears when yu pint t the bttm right f any selected cell. There are autmatic adjustments t certain text r numeric items (eg., January, Quarter 1, r 1). Yu can see what cpying will be dne in a small grey bx while yu cpy, and yu can adjust it by hlding the C key t frce the item t be extraplated (incremented) if it is being cpied exactly, r t frce the item t be cpied exactly if it is being extraplated.. Extraplating is very useful. It wrks with mnths, days f the week, quarters, r even any text that is fllwed with a number. Here s hw it wrks: 12

14 1. Clse the sheet and pen a blank ne. In B1, type the mnth January, the day Mnday, r anything fllwed by a number such as Week 1 Machine1 r Anything 1 (even withut spaces). 2. Click n that cell and pint t the bttm right f the cell s yu can see the + sign in the crner. Click n the + sign and drag t the right. 3. As yu drag t the right, yu will see a small windw with the values t be cpied. Yu will see February, March, etc., as shwn belw. 4. The result is a big savings f typing. Yu can put ff carpal tunnel syndrme fr anther few years. Here is what it lks like: 5. Nte that yu dn t have t extraplate. If yu wuld prefer t have cpied January t the right, yu can hld the C key while dragging t the right. Frmulas can be cpied, t, and they can be relative r abslute. When a relative frmula is cpied, the cpied peratins pint t cells that are in psitins relative t the current frmula. All frmulas are relative unless yu make them abslute with $ (see belw). When an abslute frmula is cpied, the cpied peratins pint t abslutely the same rw and/r abslute clumn. A clumn reference is made abslute by placing a dllar sign $ in frnt f the clumn letter. Example: $B2 will always pint t clumn B A rw reference is made abslute by placing a dllar sign $ in frnt f the rw number. Example: B$2 will always pint t rw 2. Bth can be made abslute: $B$2 always pints t cell B2. Here is an example, using an abslute clumn reference nly. Assume yu want t pint t the cst f sales % that is fixed in B2 and the incme tax rate that is fixed in B3. Yu wuld refer t B2 as $B2 and B3 as $B3. The way yu wuld enter the frmulas is shwn belw. 13

15 When yu cpy the frmulas, yu see what ccurs belw. Beware: the 401 is prbably nt what is desired. Yu can fix that by pressing n the C key while yu drag t the right. The result yu desired is shwn belw. Ntice hw the relative (regular) cell references have changed and the abslute nes ($) have stayed the same. By the way, if yu placed a different cst f sales% and tax rate fr each year, then yu d nt need t use abslute references. Once yu enter a frmula, yu can mve t the cell, press F2 t edit the frmula, then mve t each cell reference and press F4 t tggle between $rw and $clumn. (B2 becmes $B$2 then B$2 then $B2 then B2 again). The file prvides the fllwing example s yu can pen it and see hw it wrks. 14

16 Summing, Cpying, and Extraplating: Example Dwnlad and pen It s an antique hme theater stre. Click n cell A2 Pint t the bttm right crner f cell A2 s yu see the plus sign + Click and drag dwn. As yu drag, yu will see a small bx that says 101 Press n the C key while yu cntinue dragging. The bx will cunt up frm 101 t 118 Release and the prduct numbers will be filled in. In cntrast, d the same with the Ttal Cst field (starting at i2) but d nt hld dwn the C key. (SHORTCUT! Yu can just duble-click the + sign this time!) The result appears as fllws. Yu can save this as StreInventry1b 15

17 Wrking with all the Detail The Stre Inventry table frm abve (r available fr yu t lad at just cries ut fr srting, summarizing, and analyzing. There are dzens f ways in which the infrmatin can be manipulated. We will cver filtering, srting, subttaling, gruping, and pivt tables. Filtering Filtering allws yu t limit what yu see n any spreadsheet, but is mst applicable t a list f items such as the inventry table. This example will address a need t view a limited segment f inventry, which is useful when there are hundreds r even thusands f entries. First, select the entire range fr which yu want t view nly selected recrds. In this case, drag the range frm A1 t I19. Frm the Data ribbn menu, click the Filter funnel (pictured at right). Yu re dne! Yu might nt think much has happened, but nte that the headings nw have drp-dwn arrws as shwn belw. Click n any f the drp-dwn arrws t chse hw t limit what displays n the screen. Fr example, if yu click n the Type drp-dwn arrw, yu can select nly Audi items. See belw. There are many, many ptins yu can select, all available when yu click any drp-dwn arrw. T turn this ff, just nce again click the funnel (It is active if it is as fllws: Excel 2016: Gray; Excel 2013: Green; Excel : Orange). 16

18 Srting Srting is quite useful. Fr example, yu can view inventry srted by any f the fields either alphabetically r numerically, ascending r descending, and even srted by multiple categries (fr example, by number n hand, within type, within categry. We will pursue this example. We will use the Data ribbn, and the Srt windw pictured at the right. Ntice the autmatic A t Z and autmatic Z t A ptins, as well as the full-featured table icn Select all items including (r nt including) the headings. Any ttals at the bttm shuld nt be included. At lng last, these mdern versins f Excel mit headings autmatically. Click the Data ribbn menu and the Srt table icn. Yu will see a srt bx pp up with an entry area already set up. Fill in the areas by chsing a field and chsing which way t srt. Categry ** Then Add level and chse Type If yu want t d a multi-level srt (fr example, type within categry), just click the Add Level buttn and specify the next level. In this example, chse Type as a 2 nd level. We d nt need t click the Optins buttn this time, but yu might find it a lifesaver if yu wish t srt UPPER CASE and lwer case separately, r t srt frm side t side instead f up and dwn. After clicking K, the items are srted as desired. Summaries and Outlining After srting, the table is nw ready fr summarizing/utlining. We wish t btain ttals by categry. Frm the Data ribbn menu, chse the Subttal icn (pictured at right). A simple windw will pp up, asking fr which change t trigger the functin, which functin, and which items require subttals. Select Categry as the change trigger, leave Sum as the functin, then click the bxes fr Ttal Cst and Onhand. The nly tw checkmarks shuld be Replace current subttals and Summary bellw data. Click K. All f this is shwn n the next page. 17

19 Besides the subttals requested, the result f this summarizing als has a bnus: A set f brackets in the left clumn. Yu can see just t the left f the clumn letters a small set f numbers 123. These numbers allw yu t chse the level f detail yu want in the list. Click n 2 and yu see nly the subttals as shwn belw. Click 3 t see all detail. Click n the small plus and minus signs alng the left margin t see detail nly fr selected categries. If yu click n the plus sign fr Subwfers and DVD Players, fr instance, yu see the fllwing: What has been created is an utline fr the rws. Yu can see the benefit f hiding grups f data frm view. Yu can remve all subttals by pulling up the Subttal windw again and then clicking the buttn Remve all. 18

20 Clumn gruping: While the Hide/Unhide menu items (Under the View ribbn menu) r clumn width adjustment are very ppular ways f seeing r hiding selected clumns f very wide spreadsheets, a mre useful way t accmplish this is by using clumn gruping. This gives yu the same functins as the bnus in the step n the previus page. Let s say it is always useful t see the Itemnumber and Item name. Yu can make Categry, Type, and Availability ne grup and CstEach, RetailEach, and Ttal Cst anther. Click n any cell in clumn C and drag t clumn E. On the Data ribbn, click the Grup icn (pictured at right). Chse Clumns and click K. Repeat the last step after clicking in clumn G and dragging t clumns G, H, and I. If yu drag the clumn letters, yu dn t have t chse Clumns & click K. This results in bars at the tp f the clumns that allw yu t hide and unhide as grups, shwn belw. Just click n 1 and yu will see nly item number, item name, and number n hand. Click n 2 fr all detail. Finally, click n any bar t hide that grup, and click n the plus sign t return that grup. Pivt Tables A seldm-used but very useful feature is fund in Pivt Tables. An entire bk can be written abut pivt tables s this will nly scratch the surface. What kind f a spreadsheet is apprpriate fr Pivt Tables? The same example f inventry recrds is very useful. Pivt Tables really get useful when yu have hundreds f recrds and many categries (such as the fields in this Stre Inventry example: categry, type, and available ). All subttals must be remved. Highlight the entire set f data, then frm the Data ribbn, click the Subttal icn as befre. On the small windw click the buttn Remve All. Then select nly the recrds, nt the headings (drag frm A2 t I19) Click the Insert ribbn menu and click the Pivt Table icn shwn at right. We ll accept the defaults shwn n the pp-up bx and click K. Nte that a new sheet is created (Sheet4). The resultant design pad is shwn belw. 19

21 Excel 2013, 2016 Excel 2007, 2010 Click, drag and drp the fields yu want nt the prper place in the pivt table. (Yu dn t have t click the bxes). Use larger lists as rws and smaller lists as clumns. Click and drag the Categry field t the left edge marked Drp Rw Fields Here. Click and drag the Type field t the tp edge f the big area marked Drp Clumn Fields Here. Click and drag the Ttal Cst field t the large empty area. In Excel 2013, it is marked Drp Value Fields Here. In Excel the large area is marked Drp Data Items Here. Click and drag the Availability field t the very tp area fr drpping items. In Excel , it is marked Drp Reprt Filter Fields Here. In Excel it is marked Drp Page Fields Here. On the Availability clumn heading, click the pull-dwn arrw. Select stck. The resulting reprt is shwn belw. If yu click n the drp-dwn arrw next t any f the ther fields, yu can filter the recrds further. Yu can als drag additinal items t the reprt. Click and drag the OnHand item t the large data area and yu will see that there are tw rws fr each item. Yu can drag the fields frm clumns t rws t page fields (r even back t the field list) and yu will see ttals and subttals change immediately. Yu can unclick the little bxes t d the same as dragging back t the field list. It is als easy t mess up the reprt, s yu can unclick all the bxes r delete the sheet and start ver again! 20

22 Pivt Charts Yu can create Pivt Charts that graph the data with the same drag and drp ease as Pivt Tables. Return t Sheet 1. (Click the Sheet 1 tab at the bttm f the current sheet) If needed, select all f the data (nt clumn headings) in the table by clicking and dragging it all frm A2 t I19 again. Actually, Excel 2013 and 2016 will figure it ut if yu select headings t. Frm the Insert ribbn, click the small triangle under the PivtTable icn. Then chse PivtChart. Yu ll see a bx shwing the range. Just click K. Yu will see the empty chart as shwn belw. Excel 2013 and 2016 shw sme additinal icns in the large area and the icn ribbns differ as well. The Excel windw is shwn belw. See next page fr the Excel 2013 windw (with selectins cmpleted). Excel 2016 lks much like Excel 2013 but with different clrs. Ntice that there is an empty (and unlabeled) pivt table t the left f a large empty windw. The windw will cntain the chart. Drag the Categry field either t the left clumn f the pivt table, r t the right-hand panel, at the small bttm windw marked Axis Fields. Drag the field Type either t the clumn area f the pivt table r t Legend Fields In Excel , drag the field Availability t Reprt Filter. In Excel 2013, drag the field Availability t FILTERS. Drag the field Ttal Cst t the large empty part f the pivt table, r t Values The chart appears as fllws: 21

23 Sme ntewrthy items: In Excel 2016, I had t drag Ttal Cst dwn t the VALUES area n the right; it didn t wrk t drag it t the values field. A table is als created, which feeds the chart. It s t the left. Nte that new sheets are created fr each table and chart. Yu can drag fields nt and ff f the table and the chart will change. If yu click n the Design ribbn, yu can switch the chart type. Try 3D! If yu click n an empty part f the pivt table spreadsheet, the right panels will disappear. Get them back by clicking n the pivt table itself anywhere in the reprt. This is a very useful tip t remember! We can always g back t the main spreadsheet by clicking n the Sheet1 tab near the bttm left crner f the screen. 22

24 Functins Advanced Excel There are built-in functins in Excel that ffer cmmn and frequently-needed frmulas. The hard but fast way fr experts: Enter the equal sign, fllwed by the functin name, fllwed by a set f parentheses with parameters fr the functin. Yu are helpfully prmpted fr the parameters but yu might need mre help. Yu can view a cmplete list by clicking n fx just t the left f the frmula bar. It will prmpt yu thrugh all f the functins with quite cmplete explanatins. The Frmulas ribbn bar has sme yu can access quickly by icn. I wuld recmmend wrking with the riginal Stre Inventry spreadsheet (after the ttals were cmputed). If yu dn t have it, yu can lad it frm: Basic Functins Here are sme examples f basic, useful functins, assuming that there are meaningful numbers in cells I2 thrugh I19 back n Sheet 1. T d this, yu must enter these functins int an empty cell (I will use I21 thrugh i26 fr these examples). Cmmnly-needed items are as fllws: =sum(i2.i19) will cmpute the sum f all f the cells frm i2 t i19. A summatin icn ( ) (we used it earlier) sums autmatically a range f cells. The icn wrks bth vertically and hrizntally, but sme empty cells might prvide an unanticipated result. Check ut the frmula after yu use the summatin icn! Mve t i21 and press. That will prvide an autmatic sum fr Ttal Cst, $73,174. One difference: The SUM frmula will include i2.i20 as the range. =average(i2.i19) bviusly, finds their average, r in this spreadsheet. =cunt(i2.i19) cunts the number f cells in that range that have numbers (text r blanks d nt get cunted). The cunt shuld be 18. =max(i2.i19) finds the maximum, which is in this spreadsheet. =min(i2.i19) bviusly, finds the minimum, r 0 in this sheet. =stdev(i2.i19) cmputes the standard deviatin f thse numbers= Advanced Functins Statistical Functins Cnditinal Cunting =cuntif(range, criteria) will cunt all f the items matching a particular criterin. The criteria parameter can be sme text in qutes r a cell reference. Example 1: mve t cell c21 and type =cuntif(c2.c19, DVD Players ) t btain 3 as an answer t the functin (the number f different items with DVD players in the Categry clumn). This des nt tell hw many DVD players there are, but nly hw many different prducts have that categry. T prvide better labeling: Mve t cell B21 and type DVD Players in that cell. Mve t C21 and replace the frmula prvided abve with: =cuntif(c2.c19,b21). The ttal shuld be 3. Nw change what is in B21 t VCRs and the ttal will change t 1. 23

25 Frequencies If yu want t knw hw many are in stck, mve t F21 and enter: =sumif(c2.c19,b21,f2.f19). Nte that this will hunt thrugh the first range, c2 t c19, then cmpare each value in that range t what is in B21 (currently VCRs), then sum the items in the secnd range, f2.f19. Then type any ther categry int B21 (fr example, Accessries), then nte that the ttal in C21 changes t 4 and F21 changes t 335. G back t C21 and change the categry t ther items t see the new cunt in D21 and sum in F21 every time yu change what is in C21. Make sure yu understand the difference between the cunt in C21 (number f items in that categry) and the sum in F21 (ttal number f items in inventry fr that categry). Cnditinal cunting can be based n inequalities as well Mve t cell E22 and type Lw stck items there. Mve t cell F22 and type =cuntif(f2.f19, <20 ) t btain the answer 12 (the number f items that have less than 20 in stck). Mve t cell E23 and type Mid Stck Items there. Then mve t F23 and type =cuntif(f2.f19, >=20 )-cuntif(f2.f19, >100 ) t find 5, the number f items between 20 and 100 in stck, including 20 but nt including 100. Nte that yu can als use < > as nt equal and < = as less than r equal t. Frequencies can d cunting f a set f ranges at the same time. T d this manually, yu wuld need t examine each cell in a range and place a hash mark in each bucket ( bin ) crrespnding t that cell. Assume yu need t knw hw many items cst $500 and under, $ t under $1,000, $1, t under $2,500, $2, t under $5,000, $5, t under $10,000, and abve $10,000. That makes up 6 categries. T prvide a set f frequencies, yu need t enter an array frmula and use the frequency functin. Set it up as fllws with the fllwing entries: Drag a selectin frm M2 t M7. Withut pressing any ther keys, just enter the fllwing frmula, which will appear t g int M2. Imprtant: D nt press R at the end. =FREQUENCY(I2:I19,L2:L7) Instead f pressing R, press CSR at the same time! Yu will see the frequency table transfrm frm the first picture belw befre pressing the three keys, t the secnd ne that shws what yu see after pressing the three keys (nte: I ve expanded the M clumn s yu can see the entire frmula right in the clumn): 24

26 Befre pressing CSR at the same time, yu see: After pressing CSR at the same time, yu will see: If yu have any truble, yu can find the answer at But try t perfect the keystrkes abve carefully and yu ll get it. Naming Ranges (preparing fr easier crrelatins and regressins) It is helpful smetimes t name ranges as shrthand Yu can use, fr example, the name OnHand instead f typing ut F2:F19 if yu name the range. Here s hw: Click and drag frm F2 t F19. In the FORMULAS ribbn menu, chse Define Name and yu will see that it is already nearly dne. Excel assumes yu want t use the clumn heading as the name. See belw: Then click K. Nw, OnHand will be equivalent t using F2:F19 in a frmula. Name CstEach and RetailEach in the same way fr practice. 25

27 Crrelatins Crrelatins are useful fr analyzing hw much effect ne variable has n anther. In this case, yu might want t see if yu can explain the quantity f each item s inventry level by the cst. That is, yu want t knw if cheaper items (the G clumn shws the cst fr each item) are held in greater quantity (the F clumn shws the quantity). Crrelate the data in the F and G clumns t find ut. Mve t cell G26 and enter the frmula fr the crrelatin: =CORREL(OnHand,CstEach) if yu have named the ranges, r =CORREL(F2:F19,G2:G19) if yu have nt named the ranges Yu can see the frmula in the screen sht belw. The answer ( r ) is -.27, which suggests that they are negatively crrelated. The shpkeeper is indeed keeping stcks lw fr expensive items. Hw wary is the shpkeeper? Yu can find ut by squaring the r value in G27 (=g26^2) and yu find 7.5%, the amunt f explanatin the causal variable has n the result (called r-squared r r 2 r the cefficient f determinatin ). In this case, yu can say that the cst seems t explain 7.5% f the variatin in the number f items n hand. If yu have truble, the answer is kept in Simple and Multiple Regressin: Smetimes yu might believe that multiple causes determine a result, such as the amunt f items n hand AND the cst f each item. Cntinuing the example, the shpkeeper might nt nly be keeping inventry cst dwn, but als might be wrried that highly-priced items shuld nt be kept n hand in high quantities as well, given that they might sell mre slwly. Yu can determine hw much each cntributes t the number f items kept n hand by using linear regressin, the LINEST functin. There are many features f LINEST and we will make use f many f them in ur cmpact example. The LINEST functin expects t be used in an array frmula as we saw in the FREQUENCIES functin abve. The array shuld be 5 rws tall and the number f causal (independent) variables + 1 wide. We will explain OnHand in tw ways: by using CstEach alne, and using CstEach and RetailEach as multiple predictrs. Simple bivariate (1 predictr) linear regressin: If it s nt already laded, pen the StreInventry3 example, available at In G29, type Linear Regressin (1 predictr) In D31 thrugh D35, type the fllwing: D31 Beta fr predictr D32 Standard Errr fr predictr D33 R-squared fr predicting OnHand 26

28 D34 F value fr the regressin D35 Sum f squares fr the regressin In I31 thrugh I35, type the fllwing: I31 Cnstant I32 Standard Errr f the cnstant I33 Standard Errr f the estimated mdel I34 Denminatr degrees f freedm fr the mdel I35 Sum f squares fr the residual With the lng text entries, this leaves a 5 rw by 2 clumn hle fr the numbers yu wuld want in a regressin mdel. Remember, a regressin with ne predictr will reprt 5 rws by 2 clumns f numbers (which will appear as a hst f unlabeled gibberish unless yu enter the labels abve). The regressin frmula will be an array frmula as yu encuntered in the frequency distributin example abve. Here s hw: Mve t G31 and select a range frm G31 t H35. Leaving the whiter space (the range s hme cell) in G31, enter the fllwing frmula then press CSR simultaneusly: =LINEST(OnHand,CstEach,TRUE,TRUE) This prvides a linear estimate f the dependent variable (listed first) by the independent variable (listed secnd). We als enter TRUE t calculate Beta nrmally, and again TRUE t reprt additinal statistics. The frmula, labels, and results can be seen belw: Ntice that the R-Squared value f (r %) is exactly the same as the ne in cell G27 that we calculated with the CORREL functin ^ 2. Yu wuld need 1 additinal clumn fr each additinal regressin predictr, as yu will see belw. Regressin with tw predictrs Mre cmplex regressin is quite pwerful, and Excel can d it! The results f a regressin with tw predictrs will cme ut in an even mre bewildering 5-rw by 3-clumn frmat. Here s hw t d it: If is nt already in frnt f yu, lad the bivariate example In cell G37, type Linear Regressin (2 predictrs) Highlight (drag) frm D31 t D35 and COPY the range, t D39 and belw, by 27

29 pressing C-C, then mve t D39 and press C-V. Highlight (drag) frm I31 t I35 and COPY the range by pressing C-C. Mve t J39 and press C-V. In cell G38 type RetailEach and in H38 type CstEach In cell I38 type Intercept With G39 t I43 selected, enter the fllwing array frmula, and remember t press CSR (nt just SR) at the end. =LINEST(OnHand,CstEach:RetailEach,TRUE,TRUE). If yu see an errr message, it is mst likely that yu either missed the cln between CstEach and RetailEach r frgt t press CSR simultaneusly. Yu might need t retype frm scratch after selecting the range G31 t I35. The results are mre cmplicated but similar. See belw. R-squared has imprved a little, but nt much, at The beta and standard errr values fr the predictrs are listed under the new titles in the first tw rws (39 and 40). The last three rws describe the verall mdel. Ignre the #N/A values; they are meant t be empty. The next rw (41) prvides the R-squared mdel and the standard errr f the mdel. Rw 42 prvides the F-value f the regressin and the denminatr degrees f freedm. The last rw (43) prvides the Sum f squares fr the regressin (ften called SSR) and the sum f squares f the errr (residual) (ften called SSE). If yu have any truble, the answer appears in 28

30 Testing fr Differences Yu can d a simple test t see hw different the tw clumns are. This functin is a bit mre cmplicated and has several ptins. Therefre, it might be better t invke this ne with the wizard. Just g t a spare cell and click the f(x) buttn t the left f the text input area. Yu can use the current spreadsheet r lad Then yu can chse the categry Statistical and find T.TEST (nte: In lder versins f Excel it is just TTEST). The explanatin at the bttm tells us that it gives us the prbability value assciated with the student s T distributin. Fr ur purpses, it tells us the likelihd that there is a difference between the tw clumns we will chse. If we click KK, we see a screen t enter parameters fr ur test. We want t make sure there is a difference between the cst and retail values. T enter the arrays, yu can either type them r click n the symbl at the right f the input windw and click and drag the clumns. It is a 1-tailed test because we hypthesize that retail is higher than cst. It wuld be a 2-tailed test if we did nt predict a directin. It is a paired test because each cst is paired with each retail value. Statistics buffs: please assume this is a sample f a large stre s inventry. Our tw arrays are the CstEach and RetailEach clumns, G2:G19 and H2:H19. In the regressin examples we named them but we will nt assume names in this example. Therefre, fr Array1 enter G2:G19 and fr Array2 enter H2:H19. Fr Tails enter 1 and fr Type enter 1. 29

31 We see the answer even befre clicking K (see the abve wizard, tward the bttm, where it says frmula result ). We can see that the prbability is 11% that we wuld be wrng in stating that the retail exceeds the cst. That suggests there is a prblem. Lk at the data and find several bslete items where cst exceeds retail. If yu enter values that cmfrtably exceed cst fr thse items, yu will find the prbability plunge t a very small number (perhaps 1%). Therefre, the retail fr each item definitely seems t exceed the cst. Financial Functins: Financial functins can be entered directly with numbers as their parameters r as cell ranges as their parameters. Naturally, as discussed earlier, it wuld be best t place the parameters int cell lcatins. One thing t keep in mind is that the rate MUST match the perid f time. If yu have a mnthly perid, then make sure the number f perids are mnths, nt years, and make sure the interest rate is expressed per mnth, nt per year. Examples are: =PMT(rate,nper,pv,fv,type) Cmputes the mnthly payment n a lan. The rate, number f perids, amunt f the lan (present value) are all required items. FV is the future value, r what yu will pay the lan dwn t. Type is 0 if payment is made at the beginning f the mnth and 1 at the end f the mnth. Example: =pmt(.06/12,15*12,140000) calculates a mnthly payment (negative) f =CUMIPMT(rate,nper,pv,start_perid,end_perid,type). Cmputes the amunt f interest paid between start_perid and end_perid, The final item, type, must be 0 if payment is made at the beginning f the perid and 1 if at the end. Example: =cumipmt(.05/12,360,140000,1,12,0) finds interest paid (negative number) during the first year f a 30-year $140,000 mrtgage, r $6, =PV(rate,nper,pmt,[fv],[type]). The great equalizer Cmputes the present value f future regular flws. Mney is wrth mre nw than in the future, and this discunts future values based n the rate. =FV(rate,nper,pmt,[pv],[type]). The ppsite f PV tells yu hw much investments r savings nw will be wrth in the future. The imprtant thing with FV is that yu either prvide the payment (PMT) r the present value (PV), nt bth. If a payment, it assumes there are a string f them ver the nper perids. =NPV(rate,values) Cmputes the net present value f an investment (a negative number) alng with inflws (psitive numbers) given the cst f capital (rate). The string f values shuld have a negative number and several psitive values in rder f their receipt. See the example belw. =IRR(values,guess) is the ther side f NPV, and cmputes the interest rate in a 30

32 string f payments. The rate is cmputed per perid. The values can be situated n several clumns r rws. Tw examples will help make this mre practical. Example 1. The first illustrates NPV and IRR and can be fund in the file First, let s center the title. Click n A1 and drag ver t B1. Frm the Hme ribbn, click n the Frmat icn (shwn at the right), then Frmat Cells. Click n the Alignment tab. Click the drp dwn list fr Hrizntal and chse Center Acrss Selectin. See belw. Then we can insert the frmulas that are needed: At B17, insert =IRR(b3.b13) At B18, insert =NPV(B15,B3:B13) Results are shwn t the right. 31

33 Example 2. The secnd example cmpares a 2-week time-share against spending mney n 14 days wrth f htels each year ver 15 years. Lad the file The assumptins are listed in each bx. Sme f the frmulas might lk a little cmplicated. But they are just cmbinatins f simpler functins. The time share payments are based n the PMT functin (payments per mnth). The frmula is =PMT(C5/12,C6*12,C4-C8). The parameters are rate, perids, and sale price minus dwn payment. The maintenance fee is divided by 12 fr the mnthly amunt and added t the mnthly payment. Payment results frm PMT are negative, s t add the maintenance fee wuld make an errr. It is subtracted frm the negative number t yield a larger negative number. Interest during the first year cmes frm the cumipmt functin and is =CUMIPMT(C5/12,C6*12,C4-C8,1,12,1). The parameters are rate, ttal number f mnths, present value (sale price minus dwn payment), start payment number, end payment number, and type. Future value f time share payments is cmputed in three pieces given the cash flws. =FV(C5/12,C6*12,-H11)+C9+FV(C5/12,C6*12,,C8) prvides three future values added tgether. The first is the mnthly payment brught t the future (rate per perid, number f perids, and the mnthly payment. The secnd part is the expected sale price (already in the future). The third is anther future value calculatin, addressing the dwn payment required, which has the same rate and number f perids, but it skips the payment parameter and ges right t the dwn payment parameter. Future value f the htel payments is ne future value calculatin: =FV(C19/12,C20*12,C18*14/12,) Takes the cst f capital, number f perids, and payment per perid. Present value f the time share payments is runded t 2 decimal places fr making 32

34 a key cmparisn. Within the runded calculatin are three present values. =ROUND(PV(C5/12,C6*12,-H11)-PV(C5/12,C6*12,,C9),2)-C8. The first is the string f payments made each mnth. The secnd is the sale price after the lan is finished. The third is the dwn payment required nw, already at present value. Present value f the htel payments is als ne calculatin, but runded t 2 decimal places. The calculatin =ROUND(PV(C19/12,C20*12,C18*14/12),2) takes the present value f the mnthly cst f capital, the number f payments, and the mnthly cst f the htel. The cst is first annualized (7 days * 2 weeks * nightly htel rm cst) then divided by 12 fr a mnthly cst. There is a cmparisn in C27, where yu will get a message that depends n a cmparisn between the tw present values. We will mit the future values and fcus nly n present value. The frmula is a lgical functin, a duble-if statement. The frmat f an IF statement is =if(cnditin, truevalue, falsevalue). The cnditin is mst ften an equality r inequality statement. The truevalue is what is t g int the cell if the cnditin is true. The falsevalue is what is t g int the cell if the cnditin is false. Yu can insert anther IF statement int where the false value ges because there culd als be a cnditin f when the tw values are equal. Nte that yu need tw parentheses at the end. The functin used is (all n ne line): =IF(C14<C23,"Just use a htel",if(c14>c23,"this time share is better","bth are the same")) The spreadsheet als uses cnditinal frmatting, s that the better ptin is clred in pale range, has a square arund it, and the text is blded. T d this, click in the cell yu want t frmat cnditinally. In this case, C14. Frm the Hme ribbn, click the Cnditinal Frmatting icn (see the icn t the right f this text). Chices will include the fllwing shwn belw. In this case yu want t frmat by highlighting whenever the cell value is greater than that f C23. S we begin by chsing Highlight Cells Rules and Greater Than 33

35 The fllwing windw will pp up. Refer t the cell fr which yu want a cmparisn (C23 in this case). Yu can click n the cell itself and it autmatically fills in =$C$23. A default style shws up, but yu can chse Custm Frmat then pick yur wn clrs, fnts, etc. D the same in C23, cmparing it t see if it is greater than C14. Enter a very lw value as the time share price, then a high value. Gal seeking The next questin will be, when are the tw present values equal? Well, t answer this, yu can manipulate all factrs endlessly, but we will simplify and assume cheaper and cheaper time-shares. Tw ways t d this: trial-and-errr, entering smaller and smaller values fr the time-share until they becme equal. Anther way t d this is t use Gal-Seeking: Frm the Data ribbn, Click n the What-If Analysis icn (shwn at the right) chse Gal Seek frm the pull-dwn menu. The prcess is t try t get the present value f the time share (in C14) equal t the present value f the htel payments (-30,415.90). The cell C4 is the ne t experiment with in this analysis, s it ges int the third slt (By changing cell C4) Click K and yu will see 15, entered int C4. S much fr trial-and-errr! Mail-Merges frm Excel Spreadsheets 1. Yu can tailr-make letters r s with inserted text (names, addresses, and ther infrmatin) that can be fund in an Excel spreadsheet. Example: Imagine a sheet with the fllwing. Yu can find it at Ntice that tw recrds have a special sentence in clumn G that is tailred t the recrd that it is n. See belw. Nte that addresses are placed in clumn H but are nt shwn belw. 34

36 2. The gal is t create letters that insert the items int the spreadsheet and address envelpes fr each item. The items are nt quite in the frm that is needed. We will fix that. If yu have enugh fr bulk mailing, yu will need t srt by zip cde. Yu wuld need t split the CityStateZip clumn like we will the First and Last names. This will nt be illustrated here but will be a gd exercise fr yu. 3. The first step will be t split the Name field int tw, first name and last name. We need t add tw clumns fr this. Click n clumn C, drag t D, then click the Insert icn frm the Hme ribbn (see the icn t the right). Because clumns C and D were chsen, Excel already knws yu want t insert clumns. If yu want a little mre cntrl, yu can als click the little triangle belw the Insert icn and have ther ptins. and yu will see the ptins shwn t the right. 4. After adding the clumns, yu will see this: 5. Yu can click n the little paintbrush in the windw that ppped up ver the wrd Cmpany (tp f clumn E) and elect t frmat the same as the cells t the left (with bldfaced first rw). I will call these clumns LastName and FirstName. 6. Select all f the names. On the Data ribbn, click the Text t Clumns icn (see it t the right. The wizard begins, as shwn belw. 7. It is set t Delimited, which is the default and is what we want in this case. Click Next. The next screen allws yu t chse the cmma and space delimiters. When yu chse the cmma delimiter (see the checkmark belw next t cmma, the names split apart as desired but there is still a space befre the first name. Als put a checkmark next t space. I ve left the checkmark next t Tab just in case there are any tabs in the entries. 35

37 8. Click Next. If yu ONLY selected the names, enter C2 (r $C$2 as shwn belw) as the lcatin and click Finish. If yu selected the entire clumn B, including the headings, enter $C$1 as the lcatin and click Finish. If s, yu ll have t fix the headings. 9. The result is shwn belw 10. Next save this spreadsheet smewhere where yu can find it. 11. The next step is t generate the letter r in Wrd. Start a blank dcument and write a clever letter that will cnvince smene t hire yu, as shwn belw. Actually, I hpe yurs is a lt mre clever than this ne. 36

38 12. The next step is t start the mail-merge wizard. Click n the Mailings ribbn then click the small black triangle just under the Start Mail Merge icn. If yu want t send an , click the messages ptin. Otherwise, yu can click Letters r ther frmats. 13. The next step is t click the icn Select Recipients. Chse Use Existing List because we will use the spreadsheet we saved up in step Click the My Dcuments link at the right, r whatever ther flder yu used, t find the existing set f recipients yu saved in step Yu can click the Edit Recipient List icn t select certain peple. 16. Mve yur cursr just belw the date. Ntice that the Insert Merge Field icn has becme activated since yu laded the file. Yu can nw click n the Insert Merge Field icn then duble-click each item that needs t be merged in the inside address area. D nt wrry abut spacing at the mment. Yur Wrd dcument will nw have a new line as fllws: «FirstName»«LastName»«Cmpany»«Address»«CityStateZip» 17. Then mve between the «First Name» and «Last Name» merge fields and ntice that the LastName field is highlighted in grey, and yur insertin pinter disappears. Press the space bar t spread them apart. Mve between each f the ther fields and press R t cause each t mve t the next line. 18. Mve just befre the cmma after Dear and click the triangle belw the icn Insert Merge Field nce again. Chse Firstname by duble-clicking r clicking nce then K. 19. Mve t the end f the first paragraph, add a space, and insert the SpecialText field in the same way. 20. Yur letter shuld appear as shwn belw. 37

39 21. The next step is t preview the results--click the Preview Results icn (see right). 22. Yu will see a preview f yur letter and it shws which recipient this represents. Yu can click the right and left arrws t mve backwards and frwards in the list f recipients and see what the letter lks like fr each persn. Recipient 2, with special text, is shwn belw. 23. Each field has been filled in autmatically. Yu can print each letter separately right here, r better yet, print r all f them by clicking the icn Finish and Merge. Dne! 24. Yu can click the Start Mail Merge icn anytime and select messages instead f Letters. Finish and Merge will knw hw t handle it at this pint. 25. When yu click Finish and Merge, yu can chse Send Messages then fill in the ptins. The field called is autmatically chsen Wrd fund it. Fill in the subject line, chse the frmat, chse the recrds, and click K. 26. They will be sent ut thrugh the default prgram defined in Windws. Yu might have t answer sme questins frm yur package if it gets suspicius. 38

40 Cncatenating cells 1. If yu accidentally deleted r verwrte the riginal Name clumn, yu can recreate it by using the Cncatenate functin. 2. With Cncatenate, simply mve t the cell where yu want the names t be cmbined nce again and type =cncatenate fllwed by the items t squeeze tgether as parameters in the frm (text1, text2, text3, ). 3. In this case, we want t recreate it exactly. We will need t prvide as parameters the Last Name then a, (duble qute mark, cmma, space, then a secnd duble qute mark), then the First Name. See the entry fr D2 belw. The functin has been cpied dwn t the ther rws. Nte that the cmma within the duble qute marks is treated as text. Anything can be placed inside the duble qute marks except fr a duble qute mark! 4. If yu want First Name first, separated by a space, the frmula wuld be =cncatenate(c2,, B2) Pulling In External Data A very useful feature is t pull in data frm an external spreadsheet frm a Website. There are ther ways t pull in data, but this ne is prbably the ne yu will find mst useful. Here are the steps: 1. Open a web brwser. Navigate t Ggle Finance ( 2. G t the search field and enter YHOO 3. Click n the Histrical Prices link in the left clumn. 4. Yu see a nice juicy table at the right, after yu scrll dwn a little. 5. Yu can als get there by clicking here: 6. Cpy that URL int yur clipbard (CC) 7. G back t yur Excel windw and create a new spreadsheet (CN) 8. On the DATA icn ribbn, click the Frm Web icn at the left. 9. A smaller windw cntaining what lks like a web brwser (because it is a web brwser) will pp up. Paste the URL int the Address field at the tp (CV). 10. See the example belw (Excel 2016 layut and clr scheme; ther versins will be very similar): 39

41 11. Each f what it thinks is a table will have a yellw icn. Yu ll see the yellw icn at the main DAILY PRICES table. 12. Click n the yellw arrw indicating that table and a blue bx will enclse the table. In Excel 2016 the numbers will all highlight in blue. Then click the IMPORT buttn at the bttm. Remember yu re still in Excel but in a special dialg bx. 13. Click A1 fr the cell t put the table, and vila! A table has appeared in Excel with all the data. There s n lnger a need t type all f what yu see n line! Sensitivity Analysis with Data Tables and Cnditinal Frmatting These next tw examples make it pssible t fine-tune yur understanding f hw secure yu are in yur prjectins. Excel has a built-in prcedure fr ding what if analysis f hw far ff yu might be befre truble starts. Bth examples can be fund in the spreadsheet at See the One-input Table and Tw-input Table tabs at the bttm f the wrksheet. These same instructins are placed n each wrksheet. Answers can be fund at 1. Set up the sheet with any reasnable mdel. (the Assumptins and Frecast Incme Statement) 2. Chse an input that yu wish t adjust. The interesting inputs are ften in a separate "Assumptins" area. We chse Cst f Sales% 3. Insert the label fr the inputs t the left f the table (in A20 in ur example--fr a vertical label, drag frm cells A20 t A26. Click the Frmat icn n the Hme ribbn then Frmat Cells then Alignment. Under Vertical chse "distributed" and check the Merge Cells ptin. Dial up the Orientatin arrw t 90 degrees. Click K 4. Enter variatins f the input as rw headings (in this example, in B21 thrugh B27). Prvide reasnable variatin. 40

42 5. Prvide titles in C19 and D19 fr items yu wish t evaluate. In this example we want t knw Net Incme and EBIT if the Cst f Sales % varies 6. Under the titles, pint t where each item is in yur mdel. Fr example, in C20 enter =C16 and D20 enter =C12 7. "Hide" entries in C20 and D20--click and drag frm C20-D20--then Frmat frm the Hme ribbn, then Frmat Cells then Number then Custm then type " " in the type area. Then K 8. Determine the crner f the table abve the new percents yu are trying and left f the new table. In this case it is B20. Then click there and drag t the lwer right crner (in this case, D27). 9. Click the Data ribbn and select the What-if Analysis icn then chse Data Table. 10. Enter the cell address fr the main input (in this case, Cst f Sales%, r C3) 11. Click K and yu have an analysis f what happens t Net Incme if Cst f Sales% "wanders" a bit. T highlight the danger, use cnditinal frmatting. Highlight all f the cells in the table (frm C21 t D27). Frm the Hme ribbn, chse the Cnditinal Frmatting icn. Chse Highlight Cells Rules and "less than" and insert 0 int the cmparisn field. Define the custm frmat yu want r accept the default, then click K. The result is shwn t the right. Tw-input Data Table If this isn t enugh fear abut cntingencies, then try it with tw inputs! Yu prbably realize that it is prbably unrealistic t nly expect ne input t vary a little. Frtunately, a sensitivity analysis with tw inputs is actually nt really any mre difficult than an analysis with ne input. Pull up the sheet and click n the Tw-input Table tab at the bttm. Here are the instructins, separated int the part that has already been dne and the part that is still t be dne. Steps already dne 1. Set up the sheet with any reasnable mdel. 2. Chse tw inputs that yu wish t adjust. The inputs are ften in a separate "Assumptins" area. 3. Insert the labels fr the inputs. (See instructins fr the vertical label abve). 4. Enter variatins f each input as clumn and rw headings. Prvide reasnable variatin. See the Tw-Input table example belw. 41

43 New Steps 5. Click n the crner f the table--t the left f the clumn inputs and abve the rw inputs: in this case B20 6. Enter the gal (net incme in this case, r =C16) 7. "Hide" entry in B20 Frm the Hme ribbn click the Frmat icn then Frmat Cells then Number then Custm then type " " in the type area. 8. Click n that cell and drag t the lwer right crner (in this case, frm B20 t I27) 9. Frm the Data ribbn click the What-if Analysis icn then select Data Table. 10. Enter the frmula fr the hrizntal label as the rw item (in this case, Cst f Sales%, r C3) 11. Enter the cell address fr the vertical label as the clumn item (in this case, SG&A, r C4) 12. Click K and yu have an analysis f what happens t Net Incme if Cst f Sales% and SG&A "wander" a bit. 13. Use cnditinal frmatting t pinpint pssible truble. See the finished spreadsheet belw. Ntice the risk f lss! 42

44 Scenaris A similar gal can be reached with scenaris. We will begin with a very simple incme statement, available at (see the spreadsheet at right. Scenaris can be labeled and will prvide infrmatin that is defined in each scenari. We will create an ptimistic scenari and a pessimistic scenari and manipulate the Cst f Sales%. First, click the Data ribbn, then the What-if Analysis icn, then Scenari Manager. Click the Add buttn t create a scenari. Type Pessimistic as the scenari name. Tab t the changing cells field, then click directly n C3 and drag t C4. Mve the dialg bx if necessary. Click K It is asking yu t enter values fr the changing cells. Enter.4 fr the value f C3 and 230 as the value fr C4. Click Add t enter the next scenari. Use.3 fr C3 and 180 fr C4. Click Add fr ne mre scenari. Call this ne N Sales Tab t the changing cells field, then type (r click n cell) C8 Use 0 fr C8 then click K Yu will nw have the fllwing set f scenaris. Beware clicking the buttn marked Shw! It will permanently change yur spreadsheet! Dn t wrry it s nt really permanent. Yu always have the UNDO functin. Click the buttn marked Summary. A new dialg bx will pp up. Leave the selectin as Scenari Summary and chse the entire incme statement (including labels and numbers) fr Result cells. See belw. 43

45 Results are placed int a new spreadsheet and are prvided cmplete with utline bars. See belw fr the reprt that describes pretty cmpletely what will ccur under each scenari. Yu can make many different types f assumptins, such as uncllectible percentages, suppliers wh fail t deliver, dates f cmpletin, etc. Just make sure yu name each ne clearly enugh s that yu knw what each means. In the example, N sales is an excellent title. Lkup Tables A very useful functin is available in Lkup Tables. We will d a 1-dimensinal and a 2- dimensinal lkup. They can be dne hrizntally (HLOOKUP) and vertically (VLOOKUP). HLOOKUP Lad the fllwing spreadsheet: The fllwing instructins are als shwn right n the spreadsheet 44

46 One-Dimensinal Lkup Table Easy Steps 1. Create a table with the item t be lked up as the tp f tw rws. Please nte that the scan starts in the first clumn f the first rw (0) and if the amunt des nt exceed the next clumn, the first clumn s result ($4.00) will be used. N number will exceed 1 fllwed by 99 zers, which is ne place belw the riginal ggle. If the distance is higher than that, smene is fllwing a grssly inefficient path! 2. In yur spreadsheet, the frmula will scan this hrizntal table and pull ut the prper shipping charge (the ne that des nt exceed the next clumn). New steps In H5, use the HLOOKUP frmula and multiply by the weight: =HLOOKUP(D3,c13.i14,2)*D5. Nte that hlkup needs t knw what t lk up (the distance, D3), where is the table (c13.i14), and which rw f the table t use (2). 4. In cell H7, enter =H3+H5 5. Enter amunts fr the ther cells and see the result f changing the distance. The result is shwn belw. The answer can be fund at 45

47 Tw-Dimensinal Lkup Table A tw-dimensinal lkup table is mre realistic, but nt really much different. It is accmplished by creative use f the rw number parameter. We will give a discunt fr Here is the start f the spreadsheet. Here are the steps (als shwn n the spreadsheet): 1. Create a table with the item t be lked up as the tp f several rws. 2. The secnd dimensin f the lkup is expressed as extra rws in the table. 3. In yur spreadsheet, the frmula will scan this hrizntal table and pull ut the prper shipping charge 4. In cell D23, create an index f the rder size that will call ut the prper rw f the table. I used a cmpund IF statement: =IF(H19>=10000,4,IF(H19>=5000,3,IF(H19>=2500,2,1))) This creates a 4-tier system that will be used t chse the table rw. 5. In H21, use the HLOOKUP frmula and multiply by the weight: =HLOOKUP(D19,c29.i33,D23+1)*D19 Nte that we use D23+1 as the table rw. Unfrtunately, the cunt we btained in step 4 abve is ff by ne given that the first answer rw f the table is n rw 2! 6. In cell H23, enter =H19+H21 7. Enter amunts fr the ther cells and see the result f changing the distance and rder ttal. See the sample belw. 8. Save this, as yu will need it fr the bttm f the next page. Save it as LkupAnswer. 46

48 VLOOKUP There is als a VLOOKUP functin that wrks exactly like HLOOKUP. It is valuable if yu want t lk up infrmatin next t data items in a list, r a database yu might btain frm ne f yur crprate databases. Fr a mment we will g back t the stre inventry example. Yu might want t display the inventry quantity, cst per item, and ttal cst f a particular item. Lad the sheet fr simplicity s sake. In the fllwing cells, enter the fllwing text: B25 Enter the item number in cell C26: B26 Item number B27 Item name B28 Number n hand B29 Cst, each In the fllwing cells, enter the fllwing frmulas carefully C C27 =VLOOKUP(C$26,$A$2:$I$19,2) C28 =VLOOKUP(C$26,$A$2:$I$19,6) C29 =VLOOKUP(C$26,$A$2:$I$19,7) In cell C26, enter 103 and see hw it changes. Try ther inventry item numbers and see what happens. Try smething that desn t exist and yu ll see ne limitatin in this way f ding things. If yu have truble, yu can see the answer at and enter different amunts in C26 Auditing Spreadsheet Cells Given that there are s many spreadsheet errrs, it is imprtant t audit yur mdels r trade papers and audit smene else s. There are three main tls. The first is a set f arrws that are drawn between cells that have dependencies. The secnd allws yu t see the results f each step in a calculatin. The third allws yu t see all frmulas at the same time. Arrws In the Shipping Calculatr spreadsheet (we called LkupAnswer r btain it frm yu can mve t any cell yu wuld like t audit (try H5) and click n the Frmulas ribbn then find the Trace Precedents icn in the Frmula Auditing sectin. Arrws will pint t the cells that are used in the frmula fr H5 as shwn belw. 47

49 Yu can als trace arrws t cells dependent n that result. Clear the arrws by clicking Remve Arrws in the Frmula Auditing sectin f the Frmulas ribbn. Calculatin Steps Mve t a cell with a cmplex frmula, especially ne with parameters such as H5. Click n the Frmulas ribbn and find the icn fr Evaluate Frmula. The calculatin will take place step by step and yu can see each intermediate calculatin that leads t the final result. Click Evaluate t get t the next step. Click Step In and Step Out t get deeper int the calculatin and back up. Seeing all frmulas Any time while wrking n yur spreadsheet, frm the Frmulas ribbn, click n the Shw Frmulas icn. Cntrlling errrs Often an errr will shw up as an dd-lking message such as #VALUE!, #REF!, r #DIV/0! Yu might nt wish t see thse messages. Thus using cnditinal statements can be useful fr aviding them yet prmting accuracy in the spreadsheet. Pull up the spreadsheet and try the fllwing: Using an IF frmula, yu can cntrl the inputs t a small extent as well t make sure sme subtle yet cmmn errrs in the lkup table d nt ccur. In cell H21, change the frmula frm =HLOOKUP(D19,C29:I33,D23+1 t =IF(D23>0,HLOOKUP(D19,C29:I33,D23+1)*D21,"Errr in rder size") In D23, enter an rder size f 0 and see what happens. Then in D23, enter an rder size f ZBT and see what happens. If yu have truble, the spreadsheet is stred at Yu can check t see if there s an errr befre ding ther cmputatins, using the ISERROR frmula, t serve as a test that yu can use in an IF frmula. Yu can als use it independently f an IF frmula, and it will simply display a less helpful TRUE r FALSE. Here s hw t use it in an IF frmula: In cell K11 enter Errr Tests In cell K12 enter the fllwing frmula: =IF(ISERROR(H5),"Errr finding shipping cst in example 1","Shipping cst k in example 1") In cell K13 enter the fllwing frmula 48

50 =IF(ISERROR(H21),"Errr finding shipping cst in example 2","Shipping cst k in example 2") Then insert prblematic entries, such as -1 in D3 (distance) ABC in D23 (rder size) Beware, because if yu tested fr negative r zer rder size in the IF statement abve, there will n lnger be an errr cnditin in H21. If yu have truble, the spreadsheet is stred at IFERROR: Yu can use IFERROR fr a shrt-hand versin that cmbines IF and ISERROR frmulas. Nte that this is was nly ffered starting with Excel Pull up and try the fllwing: Mve t H19 and enter 225O in that spt (using the letter O instead f the zer that is suppsed t be there). Ntice that #VALUE! appears in the result fr H23. The ugly errr message pps up in H23 Mve back t H19 and crrect it t be 2250 (all numbers). Due t the limited space, we will prvide a shrt, albeit custmized errr message fr cell H23 Just create yur frmula fr H23 inside f the IFERROR functin as fllws: Mve t H23 and enter the fllwing: =IFERROR(H19+H21, Ops! ) Enter 225O (again with the letter O rather than the zer) in cell H19 and yu will see Ops! as the result f the Order Ttal. If yu have truble, the answer is stred at (nte that it cannt be stred as an ld Excel file (2003 and earlier) and must be stred as an.xlsx file. Using Named Ranges Reprise Preparing fr next step Earlier yu named a range. Yu can als name any single cell and then use the cell s name in a frmula instead f the address. In the Shipping Cst Calculatr, fr instance, yu can name cell D23 as Order Size as fllws: Pull up the spreadsheet named Mve t D23. Frm the Frmulas ribbn, click the Define Name icn. Excel will actually suggest the name because f the text in C23. Hwever, it will have an underscre, s yu might want t change it t OrderSize. Either way, click K when yu re happy with the name. Nw the lkup table can be expressed as fllws (if yu kept the underscre): =HLOOKUP(D19,C29:I33,Order_size+1)*D5 Cl shrtcut: Yu can als jump t any named cell by clicking the dwn arrw near the right edge f the name input area, at the left side, near the tp f the spreadsheet. 49

51 The range names will pp dwn in a list and yu can chse the ne yu want t jump right there. Yu can als type a cell name, such as H23 right there. Cnstraining inputs Sme f the best cntrl will be affrded if yu cnstrain inputs t fit a particular type f data r even a particular set f pssible respnses. Assume the permitted rder sizes fr autmatic shipping calculatin is 1, 2, 3, r 4. Anything else has t be dne manually, depending n special arrangements that are utside f ur scpe here. Yu will need a secnd sheet in yur Excel file. Pull up Click n the Sheet 2 tab, way dwn at the bttm left f the Excel windw. Yu will see a blank new sheet. Type PermittedOrderSizes in cell A1 Enter 1 in cell A2, 2 in cell A3, 3 in cell A4, and 4 in cell A5 Click in A2 and drag t A5 Click the Frmulas tab and click Define Name in the middle f the tp rw f the icn bar. The range shuld shw up as A2 t A5. Type the name yu typed in A1 (r any shrthand if yu d like such as Quant) and then click K Click n the Sheet 1 tab at the bttm left f the Excel windw. Click n cell D23. Click the DATA tab and select Data validatin in the icn bar near the middle, tp. The windw that pps up will appear as shwn belw. Click n the drp-dwn arrw next t Any Value under Allw. 50

52 Select List Type =PermittedOrderSizes (r =Quant if yu used my shrthand versin) in the Surce text bx. Nte: dn t frget the = Click K Nw n Sheet 1, if yu mve the cursr t D23, yu will nw see a drpdwn arrw appear next t the input area fr the Order Size. Yu can click it and chse 1, 2, 3, r 4. This will prevent any strange input that will g beynd the list yu have in the secnd sheet. If yu have any truble, the answer is stred in Basic Macrs Macrs can be studied in an entire 3-credit curse. This is meant t whet yur appetite fr macrs. T get the mst ut f macrs, it is useful t learn Visual Studi. Macrs are useful any time there are repetitive peratins. In sme cases, yu might want t use C-Y (repeat). Hwever, if yu need t d the same repetitive thing again intermittently, yu shuld use a macr. In the Shipping Cst Calculatr, yu might nt want t see the yellw backgrund and brder arund the shipping table. In fact, yu might have dzens f spreadsheets with cells that are frmatted in that way. The gal is t change the yellw backgrund t pale green, t remve the brder, then t change the fnts t bld + italics. Here are the steps fr creating the macr Highlight the cells fr which yu want this macr t wrk. Yu will then see it wrk in a meaningful way as yu create it. Frm the View ribbn, click the triangle under the Macrs icn, then Recrd New Macr. Give yur macr a name. I called this ne unbrder I assigned a shrtcut key C-x t the macr by entering an x int the bx. Chse the current wrkbk unless yu will want it t be used again. If s, select yur persnal macr wrkbk t stre this rather than just the current wrkbk. Click K nly when yu are ready. Frm this mment n, everything yu click will be played back, even errrs. Yu can d all the frmatting that yu desire here. Make sure yu chse bldfacing (fr unding this in a later step). When yu are finished, frm View ribbn, click the small triangle under the Macrs icn then chse stp recrding. Here are the steps fr running the macr: Select the cells yu want t frmat Click C-x Here are the steps fr mdifying the macr: Let s assume yu d nt want t select bldfacing. Mst peple will be happier t restart the macr all ver again in such a simple situatin. But if yu are brave, yu can mve n. If yu saved the macr in the persnal wrkbk yu must unhide it by clicking the View ribbn and clicking n the Unhide icn. Then select Persnal.xls. Yu can then g t the View ribbn and click the Macrs pull-dwn menu and chse View Macrs. Select the macr yu wish t edit and click the Edit buttn. In this example, yu see the fllwing perhaps cnfusing screen. 51

53 I have selected the line with bldfacing. Change the wrd True t False. Yu can click the red X in the windws t exit the editing functin. If yu save the spreadsheet, yur change is recrded frever fr this spreadsheet file. The C-x macr will nw make sure there is n bld text in the selected range. There is nt time enugh tday r even this week t cver macrs cmpletely. But yu can see if yu have interest in wrking further with them. Linking Cells frm ther Wrksheets and Files Linking frm ne spreadsheet page t anther in the same wrkbk (Excel file) is quite easy. Yu nly have t begin a frmula (fr example, with an equal sign) then begin typing yur frmula. While typing the frmula, when yu want t use a value frm anther sheet, just click n the tab fr the sheet that has the number yu want, then click the cell that yu want. The frmula will appear as fllws: Sheetname!celladdress. If the sheet is named, then the name will be used. If the cell is named, then n indicatin f sheet is necessary. Here are sme examples: =Sheet2!C4 =WesternDivisin!C4 =Prfit_Western_Divisin Linking t anther spreadsheet file is a matter f cpying and pasting. Here are the steps: Open the spreadsheet that has the surce (I ll call it surce ) and the spreadsheet that needs t link t that infrmatin (I ll call it destinatin ). Navigate t the cell in Surce that has the surce infrmatin and cpy the cell r cells t the clipbard. Navigate t Destinatin and g t the lcatin yu want the linked infrmatin t appear. The next instructin assumes yu want it t lk exactly the same (with the same frmatting) as the riginal. D nt press Cntrl-V! Yu need t prepare the area first t accept the same frmatting. Click n the triangle just under the Paste icn frm the Hme ribbn. Chse Paste Special. And rather than clicking k, find the Frmats ptin under the Paste grup and then click K. The frmat will transfer. Then click the triangle under the Paste icn again and then click Paste Link. Save and clse Destinatin. Make sme changes t the data in Surce that will affect the cell yu pasted in Destinatin. Save and clse Surce. Once again pen Destinatin. Yu will be asked if yu want t update the 52

54 infrmatin that is linked. Nw, pen the newer, linked wrkbk. In the bx asking if yu want t update the infrmatin. Yu can click Yes if yu re sure r N if yu want t review it first. If yu clicked N and nw want t update it, all yu need t d is get t the Data ribbn, in the Cnnectins grup, click the Edit Links icn, and click Update Values. Yu re dne! Taming Printing Smetimes printing just des nt seem t wrk as yu predict. Here are sme handy hints t make sure that yu can recver frm any prblems that might creep up. Page breaks Page breaks are ne f the biggest nuisances. Even if yu chse a print area carefully, yu might be surprised that yur ne-page reprt takes 4 pages t print. The first page has mst f what yu want, but the ther pages have a few stray characters, numbers, r lines that culd nt fit n ne page. One pwerful tl is t use the Fit t feature t keep the sheet t 1 page by 1 page (and frces the printer t shrink the text). Frm the Page Layut ribbn, in the Page Setup grup, click the small symbl just after the grup name Page Setup. See belw. Yu will then see a page setup menu as shwn belw. This will slve many f yur prblems quickly. Naturally, sme wide spreadsheets will benefit frm Landscape mde. If the spreadsheet is t wide r t lng, the tiny text will be unreadable. Repeat clumn titles n each page Often, in a lng reprt with several pages, yu want headings t indicate the clumn titles. T fix this, get back t the Page Setup menu (frm the Page Layut ribbn, click the small symbl next t the Page Setup grup). Nte that this des nt wrk in print preview mde, s this is the place t start. Chse the Sheet tab and click the clrful spreadsheet-lking icn at the right f Rws t repeat at tp. See the screensht t the right. 53

55 G right t the spreadsheet and drag any rws yu want that will prvide useful clumn headings. Click n the X t clse the windw. Click K t finish setting up the titles. Custm Date Frmatting This is handy, quick and almst surprising. Create a new spreadsheet and enter any date frm the past, present, r future in B2. Drag the date dwn with the + t B13 and allw it t increment. Cpy the clumn t clumn C See the graphic t the right t check what yu are seeing. Drag the items in clumn C. Frm the Hme ribbn, click the Frmat icn and select Frmat Cells. In the Number tab, click Custm. Click in the Type field and enter the lwer-case d fur times as shwn belw. See the result t the right. If yu use three d characters, it will abbreviate the day f the week. Enjy Excel! There is mre t learn and discver, but I guarantee yu have a great head start t share and trade tips with nearly any Excel expert! 54