Here is another video lesson that I created to answer a question from one of my viewers. In this case, the request is for help in creating an Accounts Payable Summary Report in Excel.
Formula to Create Label for Status
My viewer wants to know how to create one formula that will report the status of an Invoice as “Paid,” “Pay Now,” or “Delay.” To do this I “nested” one IF() formula inside another IF() formula. I used the ISBLANK() function as my first “logical test” in the formula. ISBLANK returns either TRUE or FALSE, so it is a good Function to become familiar with.
One of my “best practices” when learning how to “nest” IF Formulas, is to create each one separately – to test the results – and then copy and paste them into the combined formula.
Use SUMIF() Function to Total Status
Now, that your formula returns a status label for each invoice, you can use the SUMIF Function to search in the Named Range “Status” for the cells that match the criteria (Paid, Pay Now, Delay) and then Sum the Invoice Amounts for each category.