Excel Functions for Accountants - save time with excel
When you're immersed in figures and reports, Excel is your go-to tool. However, are you maximizing its capabilities? Let's discuss six Excel features that are absolute game-changers for anyone in the accounting field. These are the types of shortcuts that can significantly streamline and expedite your work.
1. =SUMIF(S): Calculate Fast
Do you often need to rapidly calculate specific items, such as the total expenditure on office materials in the previous month? The =SUMIF(S) function is ideal for this. Rather than manually reviewing each record, this feature allows you to instantly total all the figures that meet your particular requirements. It's a genuine time-saver and ensures precision.
To illustrate: You have the option to use the criteria on a specific range and then add up the related values in another range. For instance, the formula =SUMIF(B2:B5, "John", C2:C5) only adds the values in the range C2:C5, when the matching cells in the range B2:B5 are "John."
2. XLOOKUP: Find Anything Super-Fast
If you've ever desired a "search" function in Excel for numerical data, XLOOKUP is your answer. Suppose you require the sum for a specific invoice number from a vast list, identify the price of an auto component with its part number, or find out an employee's name by looking up their employee ID. Simply utilize XLOOKUP to locate it. It's akin to having a search engine embedded in your spreadsheet, assisting you in swiftly locating precisely what you require.
=XLOOKUP(lookup_value, lookup_array, return_array, [if_not_found], [match_mode], [search_mode])
Example: Finding the dial code for Brazil in a table.
Step 1. Identify the lookup_value: The value to search for - include this in a separate cell. i.e. Brazil in F2
Step 2. Identify the lookup_array: The range to search for the lookup value B2:B11
Step 3. Identify the return_array: The range where to find the requested value D2:D11
3. =COUNTIF(S): The Number Spotter
Need to compare lists or see how many times something shows up? =COUNTIF(S) is the detective you hire. It’s great for checking things like whether all transactions have been recorded or if there are any duplicates. This function is your go-to for making sure everything lines up just right.
Example: What is the frequency of travel expenses incurred by the company in a quarter? Or, how many sales representatives in the East region have a minimum of 50 orders?
The formula: COUNTIFS(criteria_range1, criteria1, [criteria_range2, criteria2]…). Essentially, you must define at least one range from which to make a selection, along with a standard for choosing from that range.
- criteria_range 1 (required): Include the range of information that is looked at. I.e. B2:B11.
- criteria 1 (required): The criteria in the form of a number, expression, cell reference, or text that define which cells will be counted. For example, criteria can be expressed as 32, ">32", B4, "apples", or "32".
- Additional ranges and their associated criteria are optional.
- criteria_range 2, criteria 3, ... (optional): This can get extremely complex with up to 127 range/criteria pairs allowed.
4. =IF: The If-This-Then-That formula
The =IF function is about making decisions. It allows you to establish conditions in your spreadsheet that state, "If this event occurs, then perform this action." It's extremely useful for automatic classification, such as labeling expenses as "paid" or "unpaid." Akin to automating a portion of your cognitive process in Excel.
An IF statement has two results. The first result is when the criteria is True, the second if it is False. Both needs to be defined, for example, =IF(C2=”Yes”,1,2) says IF(C2 = Yes, then return a 1, otherwise return a 2).
The formula: =IF(the condition to test,”if true”,”if false”)
5. =EOMONTH: The Date Magician
The =EOMONTH function can be utilized to compute due dates falling on the final day of the month for accounts payable or receivable, or to determine maturity dates.
The formula: EOMONTH(start_date, months)
Start_date (required): A date that represents the starting date. You should enter dates using the DATE function or as results of other formulas or functions. For example, use DATE(2009,5,28) for the 28th day of May, 2009. Be aware that entering dates as text can cause problems.
Months (required): The number of months before or after start date. A positive value for months yields a future date; a negative value yields a past date.
Examples:
Starting date: 1 January 2024
- Date of the last day of the month, one month after the date in A2.
- Formula: =EOMONTH(A2,1)
Result: 2/28/2024
2. Date of the last day of the month, three months before the date in A2.
Formula: =EOMONTH(A2,-3)
Result: 10/31/2023
6. =UNIQUE: The Duplicate Eliminator
Tired of seeing the same thing twice or more in your lists? =UNIQUE cleans up your data by removing duplicates, leaving you with only one of each entry. This is perfect for when you’re putting together lists of clients or transactions and only want to see each one once. It keeps everything neat and tidy.
Follow these steps remove duplicate information:
- Select the range of cells that contain duplicates in your worksheet.
- On the Data tab, click Remove Duplicates (in the Data Tools group).
- Under Columns, select one or more columns. To quickly select all columns, click Select All, to quickly clear all columns, click Unselect All.
- Click OK, and a message will appear to indicate how many duplicate values were removed, or how many unique values remain. Click OK to dismiss this message.
- Undo the change by click Undo (or pressing Ctrl+Z on the keyboard).
This function keeps only the first instance of repeated information and deletes all other duplicates permanently. It's a good idea to copy the cells or table before deleting duplicate values. You can move the duplicates to another worksheet or workbook.
Make Excel your friend
Leveraging these six features can significantly enhance your Excel proficiency, increasing your speed and precision in accounting tasks. They transform Excel from a mere spreadsheet tool into a potent aide for your daily responsibilities.
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