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 offers, 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 learn more about a function using the built-in help menu.
I have included below a list of important functions that I use frequently. Understanding how they are used can significantly 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 - SUM is the most basic Excel function. Use it to add the values in cells.
How to use SUMIF - the SUMIF function allows 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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