Archives for February 2012

How to Use Named Ranges in Existing Excel Formulas

Paste Named Ranges in Formula

Paste Named Ranges in Formula

I am a strong proponent for using Named Cell Ranges when creating Excel Formulas. But what if you have already created formulas – formulas that use cell references. How do you insert or apply a newly created named range into an existing Excel Formula?

Simple answer – watch this short video to see me demonstrate how this is done.

Better answer:

Follow These Steps

  1. Activate in-cell formula editing by either double-clicking the formula cell or using the Keyboard Shortcut F2.
  2. Highlight the cell reference that you wish to replace with a named range.
  3. Choose the Name from the “Use in Formulas” drop-down menu. You can also use the F3 Keyboard Shortcut to open the Paste Names Dialog Box.
  4. Repeat these steps to complete replacing additional cell references with named cell ranges.

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3 Reasons to Create and Use Named Ranges in Excel Formulas

Use Named Ranges in Formulas

Use Named Ranges in Formulas

In my opinion, there are three reasons to use Named Range references in Excel Formulas:

  1. They are easier to write. Particularly, if you are referencing cells in another worksheet.
  2. They are easier to remember. Using =Sales – Cost of Goods Sold to determine Gross Profit vs. =A1 – B1
  3. They are easier to explain. Especially, if you are sending an Excel Workbook to a client or a colleague.

Creating Named Ranges in Excel

In this tutorial, I demonstrate two methods for creating a named range:

  1. Select the cells in the range and then type the name in the “Name Box” in the Upper Left Corner of the worksheet.
  2. Select both the cell with the “Name” and the adjacent cells for the range. Then use the Keyboard Shortcut Ctrl + Shit + F3 to open the Create Names from Selection Dialog Box

Remember that all Named Ranges MUST begin with a Letter or an Underscore and they CANNOT contain any Spaces!

Paste Named Ranges into Formulas

If you are using Excel 2007 or Excel 2010, you can take advantage of Formula AutoComplete to quickly and accurately include named ranges in your formulas. In ALL versions of Excel you can use the F3 Keyboard Shortcut to open the Paste Names Dialog Box and select the named range that you wish to paste into your formula.

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How to Use Excel Formulas and Functions to Analyze Inventory for a Retail Store

Excel Formulas to Analyze Inventory

Excel Formulas to Analyze Inventory

My friend, Alan Friedman, is a CPA and Partner in Friedman Kannenberg and Company, PC. I have been using one of the Excel Worksheets that Alan developed to teach retail store owners and managers how to analyze their inventory. In this lesson, I demonstrate how to write and copy the Excel formulas needed to perform this analysis.

Excel Formulas for Analyzing Inventory

Many retailers use a Point-of-Sale (POS) System that can generate three numbers: Sales by Product Category, Cost of Goods Sold (COGS) by Product Category and Average Inventory by Product Category. Taking these three numbers – also known as “hard-coded” values – you can use Excel Formulas to give you:

  • Gross Profit Dollars (Sales minus COGS)
  • Gross Profit Percentage (Gross Profit Dollars divided by Sales)
  • Inventory Turns (COGS divided by Average Inventory)
  • Product Category Sales as a Percentage of Total Sales (Category Sales divided by Total Sales) – Use an Absolute Cell Reference
  • Inventory by Category as a Percentage of Total Inventory – (Inventory by Category divided by Total Inventory) – Use an Absolute Cell Reference
  • Gross Margin Return on Inventory (GMROI) – (Gross Profit Dollars divided by Average Inventory)

Tips for Entering and Copying Excel Formulas

As I demonstrate in this tutorial, you can write and copy an Excel Formula in one step when you first select the cells to receive the formula and use the Ctrl + Enter Keyboard Shortcut to complete the formula. Instead of clicking on the AutoSum Command or writing =SUM(), use the Alt + = (equal sign) to sum up the values in the adjacent range of cells.

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The Basics for Creating and Copying Formulas and Functions in Excel

Relative and Absolute Cell References

Relative and Absolute Cell References

Formulas and Functions are the “core elements” of Excel. It is vital that you have a solid grounding in understanding how formulas and functions work; especially when you need to copy and paste them into other cells.

Relative and Absolute Cell References

When you use Relative Cell References – the default setting in Excel – the Row numbers and Column letters adjust automatically when you copy and paste a formula.

There are, however, situations where you need to “freeze in place” part of an Excel Formula. For example, you need to “freeze” or use an Absolute Cell Reference to the cell with “Total Sales,” when creating and copying a formula to determine Product Sales as a Percentage of Total Sales.

Copying Excel Formulas

In this tutorial, I demonstrate two methods for copying and pasting formulas and functions:

  • Standard Practice is to select the cell with the formula and use the Ctrl + C Keyboard Shortcut to place the formula cell on the Excel clipboard. Then, after selecting the destination cell(s), use the Ctrl + V Keyboard Shortcut to paste the formula in the new location(s)
  • AutoFill Tool.If you are copying the formula cell into adjacent cells, use the AutoFill tool to do this quickly and accurately!

Tips that You May Not Know

In my experience, many Excel veterans are not familiar with these tips and tricks which I demonstrate in this tutorial:

  • The Ctrl + ~ (tilde) Keyboard Shortcut to “toggle” the Show Formulas view for the active Excel Worksheet.
  • The Alt + Enter Keyboard Shortcut to automatically use the =SUM() Function – for adjacent cells.
  • The F4 Key to automatically add Absolute Cell Reference when creating or editing a formula. For example, converts A1 to $A$1.

Learn More Excel Tips and Tricks

50 Best Tips for Excel 2007

50 Best Tips DVD-ROM

If you enjoy the tips and techniques that I demonstrate in this lesson, then you will really benefit from purchasing my best-selling DVD-ROM, “The 50 Best Tips for Excel 2007.” You can learn more about the resources that I offer by visiting my secure online shopping website – http://shop.thecompanyrocks.com

Watch Tutorial in High Definition

Follow this link to view this Excel tutorial in High Definition on my YouTube Channel – DannyRocksExcels

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