Microsoft Excel

For Finance Professionals

Michael TerHorst
GE Commercial Finance
June 2, 2005
Introduction
What Training material to increase Microsoft Excel proficiency

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

How Proficiency with Excel will be increased through the following:

1. Increasing user awareness of Excel operations
2. Examples of how and when to use those operations
3. Sharing of tips and best practices

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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List of Excel Topics
Topic Page Topic Topic Page Topic
Keyboard Shortcuts 4 “Name” Range of Cells 35
Functions – Summary 8 Goal Seek 37
IF 9 Input Validation 38
ISNA 10 Protect Worksheets 40
ISERROR 11 Hide Worksheets 42
AND 12 Paste Special 43
OR 13 Conditional Formatting 47
SUM 14 Insert Hyperlink 48
SUMIF 15 “Replace” Operation 49
SUMPRODUCT 16 Work in Multiple Wkshts Simultaneously 50
AVERAGE 17 Pivot Tables 51
COUNT 18 Freeze Panes 54
COUNTA 19 “Sort” Data Set 55
COUNTIF 20 “Filter” Data Set 56
PV (Investment Family) 21 Auditing Features 57
ROUND (Family) 22 Split Windows 58
CONCATENATE 23 Restrict File Access/Modification 59
LEFT & RIGHT 24 Customize Toolbars 60
YEAR (Date & Time Family) 25 Takeaways 61
Quick Formula Copy Down Column 30 Appendix - MATCH 62
Text to Columns 32 Appendix - INDEX 63
Group/Ungroup Data 34

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Keyboard Shortcuts
Key Strokes Action
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 Strokes Action
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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Keyboard Shortcuts (cont)
Key Strokes Action
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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Keyboard Shortcuts (cont)
Key Strokes Action
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 - Summary
Why 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.
How 1. Select the cells you want to insert the function into
2. Go to Insert\Function or the icon on your toolbars
3. Choose the function you would like to insert
4. Follow the input prompts
5. Check if your inputs make sense by viewing the preview function result
6. 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.

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!

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Functions: “IF”
Why Need to make comparison with automated outcome based on answer

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

Examples Formula Sample Test

1. =IF(H6>75,”Yes”,”No”) Is actual greater than estimate?
2. =IF(H6=K77,L77,H6) If Apr = Jul, show Jul; if not show Apr
3. =IF(H6*F2=0,””, H6*F2) If calc = zero, show blank; if not show calc
4. =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” function
Formula: =IF(X44<E$2,X44*2,IF(X44=Q3,”Total”,”Manual”))
Operation: “ISERROR” function within [Logical Test] of an “IF” function
Formula: =IF(ISERROR(J55),0,J55)
Operation: “VLookup” function within [Logical Test] and [Value if test is FALSE] of an “IF” function
Formula: =IF(Vlookup(“HFS”,$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”

Formula =ISNA([Cell])

Output “TRUE” or “FALSE”

Examples 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” function

Formula: =IF(ISNA(J55),0,J55)

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Functions: “ISERROR”
Why Need to distinguish if formula in cell results in any error (“#N/A”.”#DIV/0”,”#REF!”, etc)

Formula =ISERROR([Cell])

Output “TRUE” or “FALSE”

Examples Formula Sample Test

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

Tips Nest inside of “IF” function. Example:

Operation: “ISERROR” function within [Logical Test] of an “IF” function

Formula: =IF(ISERROR(J55),0,J55)

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

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

Output “TRUE” if all are true, “FALSE” if any are false

Examples Formula Sample Test

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

Tips Nest inside of “IF” function. Example:

Operation: “AND” function within [Logical Test] of an “IF” function

Formula: =IF(AND(H6>0,H6<100,H6>K7),0,J55)

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

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

Output “TRUE” if any are true, “FALSE” if none false

Examples Formula Sample Test

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

Tips Nest inside of “IF” function. Example:

Operation: “OR” function within [Logical Test] of an “IF” function

Formula: =IF(OR(H6>0,H6<100,H6>K7),0,J55)

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

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

Output Sum of cells in [Range]

Examples Formula Sample Calc

• =SUM(H6:H200) Sum of column of cells (in [Range])
• =SUM(B23:G23) Sum of row of cells (in [Range])

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.

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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]

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

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

Examples 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”

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Functions: “SUMPRODUCT”
Why Need to sum the product of numerous multiplications between two or more [Ranges] of
identical shape

Formula =SUMPRODUCT([Range1],[Range2],…)

Output Sum of the multiplications of corresponding cells

Examples 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.

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

Formula =AVERAGE([Range])

Output Average of cells in [Range]

Examples Formula Sample Calc

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

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.

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

Formula =COUNT([Range])

Output Count of cells in [Range] that contain numbers

Examples Formula Sample Calc

• =COUNT(H6:H200) Count of cells in [Range] containing numbers

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.

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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)

Formula =COUNTA([Range])

Output Count of non-blank cells in [Range]

Examples 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.

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.

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

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

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

Examples 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”
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.

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Functions: “PV” (Investment Family)
Why Need to calculate the present value of an investment

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

Output Present value of an investment

Examples Formula Sample Calc

1. =PV(.0075,60,-22.5,100,0) Present value of following investment:
Rate: .09 Annual; .0075 monthly
Term: 60 months
PMT: $22.50
FV: $100.00
PMT Type: 0, in arrears

2. = PV(A8,B15,B17,Y33) Same test, just cell references used in

function instead of actual numerical inputs

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 arrears
3. Excel will calculate all the pieces of an investment formula: PV, Rate, PMT & FV
4. Excel will also calculate the NPV of a series of cash flows

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Functions: “ROUND” (Family)
Why Need to round a cell value:
1. To a specific decimal
2. Up or down

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

=ROUNDDOWN([Cell],[# Digits])
Output Round the cell value (in the direction if applicable) to the number of digits indicated

Examples 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

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

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

Output Value of referenced cells/hard inputs in consecutive string in cell

Examples 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&LOP
Tips 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

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Functions: “LEFT” & “RIGHT”
Why Need to pull out a set amount of characters in a cell from either side

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

Output Exact string of characters from the direction indicated

Examples Formula Sample Output

• =LEFT (H6,7) First seven characters from the left side

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

Tips 1. Referenced cell can be a hard coded value or a formula

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

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

Output Numerical value of the indicated section of the date

Example Formula Sample Output

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

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 desired
3. Many other date & time functions

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Functions: “VLOOKUP” & “HLOOKUP”
Why Need to reference cell(s) from a different data set

Formula =VLOOKUP([Lookup Value],[Data Set],[Column Number],[Type])

1 [Lookup Value] = Value in far left hand column of data set that you base your lookup
off of
2 [Data Set] = Location of data set you are referencing cell(s) from
3 [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.
Example =VLOOKUP("EFS",$B$7:$I$23,5,FALSE) = 100
1
2

3 Col # 1 2 3 4 5

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Functions: “VLOOKUP” & “HLOOKUP”
(cont)
Formula =HLOOKUP([Lookup Value],[Data Set],[Column Number],[Type])
[Lookup Value] = Value in top row of data set that you base your lookup off of
1
2 [Data Set] = Location of data set you are referencing cell(s) from
3 [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.

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

3 Row # 1
1
2 2
3
4
5
6
7
8
9
10

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

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

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.

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Quick Formula Copy Down Column
Why Need to apply formula, constant value, or list (i.e. “action”) down (lengthy) column

How 1. 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.

Before After

Revenue Column = Quantity * Price/Unit

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Quick Formula Copy Down Column (cont)
Warning! 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 unit
2. Date
3. Rep name
3. Lists
1. Days of the week
2. Months
3. Any custom list you create (Tools\Options\Custom Lists)

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Text to Columns
Why Need to split cell data into multiple columns

How 1. Highlight cells to be split

2. Go to Data\Text to Columns
3. Choose “delimited” if you want to split by a character (space, tab, comma, period, etc) or
by “fixed” width to split at exact places
4. Choose the destination cell of the new data

Note the destination cell and data to the right of it. Excel will OVERWRITE existing
Warning!
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 three, be sure to

choose the destination if you
do not want the operation to
overwrite the data in its
current location!

In step two, choose the

“delimiters”. These are
items in your data set
that 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.

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Group/Ungroup Data
Why Need to hide data, but reference it frequently/easily

How 1. Select the column(s) or row(s) you want group.

2. Go to Data\Group and Outline -> Group
3. To ungroup data, follow same path and choose -> Ungroup

Examples 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 Cells
Why Need identify a range of cells by a certain name for accurate/easy reference

How 1. Select the range of cells you want to name

2. Go to Insert\Name\Define
3. Input desired name for range
4. Select “OK” 1
5. After you name a range, find it by selecting the range dropdown box in the upper left
2
corner of you screen and choosing from the list of ranges you created

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“Name” Range of Cells (cont)
Examples 1. Give each data set that is referenced in file a unique name:
1. data2004, data2003
2. jandata, febdata, mardata
3. op2004, si2004, sii2004, actual2004
4. original data, pivotdata, sorteddata, calculateddata
2. Give each lookup reference table a unique name:
1. fiscalweeklookup
2. monthlookup
3. oplookup
3. Give each formula variable a unique name:
1. Price
2. Sales
3. Net Income

Tips 1. Name ranges can not start with numbers

2. Choose your range names carefully and logically. Be as specific as possible (within
reason) so they can be easily identified
3. You can edit/delete range names by going to Insert\Name\Define
4. 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 Seek
Why Need to solve for one variable in calculation

How Go to Tools\Goal Seek

1. Select target cell
2. Input target value (goal)
3. Select variable cell to change
Target & Variable Cells by location Target & Variable Cells as Named Ranges

1
2
3

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 target
3. Target volume needed to achieve $100k in VIC

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Input Validation
Why 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)

How 1. Select the cell(s) you want to have the same cell input restriction (validation)
2. Go to Data\Validation
3. Choose validation criteria (whole number, date, decimal, list, text length etc) and/or write
input message
4. If setting dropdown list, set reference to list of dropdown options or manually list them at
prompt
5. 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 manipulated
2. 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)
Examples 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 range
3. Set dropdown list of expense lines, cost centers, businesses, payments in advance or
arrears, product type, user name, etc.

Tip Set up data gathering file to pre-populate desired number when 1

1
selection from dropdown list is made. Use vlookup to lookup
2
selection and reference desired number. The benefit of the 2
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 Worksheets
Why Need to restrict the following in a worksheet:
1. Cells that can be inputted/changed
2. Access to hidden rows/columns
3. Formatting changes

How 1. You have to “unlock” cell(s) you will allow changes to. Select only these cells, then go to
1
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
2
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

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Protect Worksheets (cont)
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!

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.

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Hide Worksheets
Why Need worksheet in workbook, but do not want it visible

How 1. Select the worksheet(s) you want to hide

2. Go to Format\Sheet -> Hide

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.

Example 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!

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Paste Special – Part One
Why 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 + C
3. Select cells you want the operation to
be applied to
4. Go to Edit\Paste Special
5. Choose paste operation
6. Select “OK”

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Paste Special – Part One (cont)
Examples 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 up
2. 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.

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Paste Special – Part Two
Why 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 cell
3. Go to Edit\Copy or Ctrl + C
4. Select cells you want the operation to be applied to
5. Go to Edit\Paste Special
6. 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”

Examples 1. Divide sales numbers by 1,000,000 to show in millions

2. Multiply percentages by 100 to show as whole numbers
3. Multiply expenses by –1

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

How 1. Select the cells you want to transpose

2. Go to Edit\Copy or Ctrl + C
3. Select the cell you want to paste the data
4. Go to Edit\Paste Special
5. Choose the previously discussed Paste Special – Part
One option desired (if any, the default option selects
no special features)
6. Choose Transpose
7. 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.

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

How 1. Select the cell(s) you want to have the same conditional formatting
2. Go to Format\Conditional Formatting
3. Choose condition(s) (cell value, formula output, etc) when conditional formatting applies
4. Choose conditional formatting

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

Examples 1. If value is greater than estimate, make font green

2. If sum of percents do not equal 100%, make entire cell red
3. If mandatory input cell is blank, make entire cell yellow
4. 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

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Insert Hyperlink
Why Need hyperlink to exterior or interior file

How 1. Select the cell you want to insert hyperlink into

2. Go to Insert\Hyperlink or Ctrl + K or the icon on your toolbar
3. Choose desired link location

Examples 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.

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

How 1. Select the cell(s) containing the characters you want to replace
2. Go to Edit\Replace or Ctrl + H
3. Input character(s) you want to replace in the “Find what” prompt
4. Input replacement character(s) in the “Replace with” prompt
5. 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)

Examples 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”

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Work in Multiple Worksheets Simultaneously
Why Need to complete exact same operation in multiple worksheets in the exact same cell(s)

How 1. Select the first worksheet to be edited

2. Hold Ctrl key and click on additional desired worksheets
3. Complete operation
4. Check to see if desired outcome in other worksheets did actually occur

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.

Examples In multiple worksheets:

1. Change page setup
2. Input heading
3. View in print preview
4. 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.

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

How 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”

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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”.

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Pivot Tables (cont)
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.

Examples 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.

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

How 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

Example

Top row frozen in place as above.

Column headings can be viewed
all the way down at the bottom of
the data set.

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“Sort” Data Set
Why Need to sort data by alphabetic order, size (numerical value), etc

How 1. Select entire data set

2. Go to Data\Sort
3. Select column(s) you want to sort data by, in order of significance
4. 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.

Examples 1. Need to sort list of deals by deal size

2. Need to sort list of reps by total T&L expenditures
3. 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.

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“Filter” Data Set
Why Need to filter data set by selected fields

How 1. Select entire data set (including headings)

2. Go to Data\Filter
3. 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.

Examples 1. Need to filter out all deals in the state column showing Michigan
2. Need to filter out all deals in the city column showing East Lansing
3. Need to filter out all expenses items with “Hilton” as the vendor

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

How 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 1 3
1
Rental Car expense estimate in cell G6, and see the
2
impact on the totals for HR in cell G16, Rental Car
2
expense in cell Q6, and 3the overall expenses in cell 4

Q16 4

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Auditing Features
Why Need to trace what cells are linked to a certain cell through formulas by:
1. Precedents – Incoming linked cells
2. Dependents – Outgoing linked cells
3. Error – Incoming linked cell causing an error

How 1. Select the cell you want to trace

2. Go to Tools\Auditing
3. Select desired trace operation
4. 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

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Restrict File Access/Modification
Why Need to restrict file access or modification to only people who know password

How 1. Go to File\Save As or F12

2. Select Tools from upper right corner of Save As box
3. Select General Options from list
4. Input password(s) required to open file and/or modify under same name.

Warning! See warning under “Protect Worksheet”

Examples 1. Need to restrict access to files with sensitive data

2. Need to restrict access to highly important file on shared drive that you do not want
others to mess up (intentionally or unintentionally)

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

How 1. Open up a blank Excel worksheet

2. Right click on the toolbars at the top of the screen, select “Customize” or go to
Tools\Customize
3. Select the “Commands” tab
4. Search in the different “categories” for an operation you frequently use
5. Drag the operation icon or name to desired location in toolbars
6. 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!!

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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.

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

Formula =MATCH([Lookup Value],[List Range],[Type])

1 [Lookup Value] = Value in [List Range] whose position you are trying to figure out
2 [List Range] = Location of data set (must be a congruent, single column or row list)
3 [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
1 2 3

Example
2

1 3 (Note: cell E11)

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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 Formula type one (of three) – Using with data set as a single list
=INDEX([List Range],[Lookup Number])
1 [List Range] = Location of data set (must be a congruent, single column or row list)
2 [Lookup Number] = Position number in [List Range] whose value you are trying to
figure out
=INDEX(C6:F6,C11) = Green
1 2

Example
1

2 (Note: cell D11)

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Appendix - Functions: “INDEX” (cont)

Formula Formula type two (of three) – Using with data set as a single block
=INDEX([Data Set],[Row Number],[Column Number])
1 [Data Set] = Location of data set you are looking up value from
2 [Row Number] = Number of rows down in the [Data Set] you want to reference from
3 [Column Number] = Number of columns down in the [Data Set] you want to
reference from
=INDEX(D20:G22,K18,K19) = 375
1 2 3

Example

2
3

(Note: cell K20)

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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