Welcome to the last week of August! A week full of expectations for both employer and employee, debtor and creditor.
Last week, we started out with creating a basic formula in excel and I recall mentioning that formulas are the engine room of Excel. We will continue this week, taking some deep look into how we can create basic formulas.
Creating a particular formula in excel, is determined by the issue at hand, that is, what mathematical, statistical or logical problem you want excel to solve for you? After identifying this problem and stating it then can you also identify the best formula to apply. There exists quite over 500 excel formula functions BUT you don't need to know them all, only learn and know the few ones that applies to your need and be able to reference them when you hear the call.
In Ms Excel, we have formulas ranging from Statistical to logical as shown in illustration 1 below and each of these formulas or a combo of them are helpful in solving operational issues.
Illustration 1.
Read http://excelgist.blogspot.com/2015/07/discover-these-15-extremely-powerful.html and http://excelgist.blogspot.com/2015/07/discover-these-15-extremely-powerful_6.html to see some TEXT & DATE functions and how they work.
For a creditor who had given out loans and wants to keep track of who is owing and repayments dates, a simple basic formula can be used on excel to track this just as we have in illustration 2 below.
Illustration 2.
As at today 24th of August, 2015, we are 65% and 235 days away into the year 2015, leaving out 129 days to go which represents 35%. How do we get this without marking or counting each day of the calendar? A simple "YEARFRAC" and "DAYS" formulas are used as shown below in illustration 3. If you decide to keep this simple calendar without updating the End Period date every day, you can simply type in "=TODAY()" formula where you have 8/24/2015 so that excel updates the date each time you open the worksheet.
Illustration 3.
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Have a blessed week ahead.
Oladapo Sorinola
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