We as users would like for Excel to consider that there are different formats when it comes to calculations involving numbers. For example, when working with currency, dates, length, etc. Excel provisions the use of number formatting to represent these numbers.
For example, we can show sales tax as 12% instead of 0.12. With dates, it is a different case because without formatting, the dates are represented as the number of days starting from January 1, 1900. To apply formatting, we can click on the drop-down arrow next to the Number Format option in the home tab.
What are Functions and Formulae:
Formula: A formula in Excel is an expression wherein we can put values from an array of cells or sometimes just a single cell into it and get an output. For example, =B2+B3+B4 adds the values in the range mentioned and returns the sum.
Functions: In Excel, functions are predefined formulae. They reduce the need for formulae to be manually entered while providing them human-friendly names. For example, =SUM (A1:A3) returns the sum of all of the values from A1 to A3.
Ways to insert formula into excel:
There are five typical methods for entering basic Excel formulas when evaluating data. You can also come across different excel tutorial videos on this. Each technique has a distinct edge over the others.
As a result, before delving deeper into the fundamental formulae, we’ll define those approaches so you may start creating your preferred workflow from now on before getting on it.
1. Simple Insertion:
Typing a formula into a cell or the formula bar is the simplest way to insert basic Excel formulae. Typically, the procedure begins with an equal sign followed by the name of the function.
Excel is particularly intelligent in that it displays a pop-up function tip as you begin typing the name of the function. You will choose your preference from this list.
2. Insert Function:
We can also use the Insert Function box. To do so, we have to navigate to the Formulas tab and select the first choice out of a list of Insert Function. The dialogue box will contain all of the functions you’ll need to do your analysis. ALT + M + F is the Excel shortcut for inserting a function.
3. Selecting a Formula from One of the Groups in Formula Tab:
This choice is for people who wish to immediately get into their favorite functions. Navigate to the Formulas tab and pick your favorite group to access this menu. Click to open a sub-menu with a list of functions. You can then choose your preference.
For clarity of the workflow, it is recommended to watch an excel video on this. If your favorite group isn’t on the tab, select the More Functions option — it’s probably not visible among the default list options.
We can simply use the Alt + M + R to get the recently used formulae. Likewise, we can use the keyboard shortcut Alt + M + I for Financial functions, Alt + M + L for Logical functions and Alt + M + E for Date and Time functions.
We can also access the Lookup and Reference functions by using Alt + M + O. We have a separate portion discussing the type of functions in detail.
4. AutoSum Option:
AutoSum is your go-to tool for simple and everyday activities. So, go to the home tab and, in the upper-right corner, select the AutoSum option. Then, click on the caret to reveal further hidden formulae. This option is also present on the Formulas tab, as the second option after Insert Function.
Alternatively, you may also use the AutoSum Excel function by using the ALT + = keys simultaneously in a spreadsheet, and it will generate a formula to add all the values.
Excel Functions can be divided into roughly 8 categories. They are:
- Math and Trigonometry Functions.
- Financial Functions.
- Information Functions.
- Logical Functions.
- Lookup and Reference Functions.
- Date and Time Functions.
- Statistical Functions.
- Text Functions.
