A function is a predefined formula that performs calculations in a particular order using specific values. Excel functions are split into 14 categories:
Over the years, the number of Excel built-in functions continued to grow and more versatile functions XLOOKUP, FILTER, UNIQUE, or LAMBDA are being developed. If you want to benefit from everything Excel has to offer, then I strongly encourage you to get a Microsoft 365 subscription.
To use a formula you need to write its name and insert the required arguments. You can find out more about a function by using the built-in help menu.
I have included below a list of important functions that I use frequently. Understanding how they work can greatly help you work faster and smarter in Excel.
How to use COUNTIF - COUNTIF applies a condition to a given range, counts the number of occurrences matching the criterion, and returns the number of matches.
How to use EOMONTH - EOMONTH returns the last day of a month, a specified number of months into the future, or the past.
How to use IF - IF is one of the most popular functions in Excel. It allows you to make logical comparisons and return either TRUE or FALSE.
How to use INDEX and MATCH - The INDEX-MATCH combo is incredibly powerful and allows you to overcome the limitations of VLOOKUP.
How to use PMT - PMT is a financial function that returns the periodic payment for a loan based on a constant interest rate, the number of periods, and the loan amount.
How to use IPMT - IPMT is a financial function that returns only the interest payment for a loan. IPMT is the abbreviation for interest payment.
How to use PPMT - PPMT is a financial function that returns only the principal payment for a loan. PPMT is the abbreviation for principal payment.
How to use SUM, SUMSQ, SUMIF, and SUMIFS - SUM is the most basic Excel function. Use it to add the values in cells. SUMIF and SUMIFS allow you to add some of the cells but omit others, based on the criteria provided in the formula.
How to use VLOOKUP - VLOOKUP is used to search and retrieve data from a specific column in a table.
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