Excel is a powerful tool for managing and analyzing data. It serves small, medium, and large companies in areas of accounting, sales, budgeting, etc.
It is effortless and quick to use. However, about 95% of users are using basic functions.
Top professionals use the advanced functions for computing a complex set of data and for deducing fresh information. Nevertheless, it is very crucial for every excel user to be conversant with the advanced formulas. Now, let me show you the top 10 advanced Excel formulas.
1. Is Blank
Isblank formula is the quickest way to find out whether your cells are empty of not. When you apply this formula, the result will be false if there are numerical or alphabetical values in the cells. However, it gives true as a result if the cells contain no numerical or alphabetical values.
Its Excel formula is:
=ISBLANK(cell address)
2. IPMT
Real estate professionals, bankers, accountants, etc. use the IPMT to compute the value for interest payment for loans within a given period. It is a very efficient tool in debt management.
Its Excel formula is:
=IPMT(rate, per, nper, pv, [fv], [type])
3. IS ERROR
Everyone desires quick and efficient work delivery. IS ERROR formula detects faulty cells and rectifies it within a jiffy. This is very useful in time-saving. When you enter the formula, the result will be "true" if the cell is faulty but will show "false" if the cell has no error.
Below is the formula:
=ISERROR(value)
4. XNPV
This formula assigns dates to all of the discounted cash flows. This advanced excel tool is very useful in financial analysis.
Here is the formula:
=XNPV(Discount Rate, Cash Flows, Dates of Cash Flow)
5. IS LOGICAL
IS LOGICAL identifies logical and nonlogical values in cells. It displays "true" as an answer if the cell is logical. If the cell is nonlogical, empty, or random, it will display "false" as a result.
Below is the formula:
=ISLOGICAL(cell address)
6. Choose
The Choose formula assists in speedy computations. With this formula, you can quickly select one option from several options without delay. For instance, if the values for expected profitability are 20%, 40%, 60%, and you wish to select 40%, then this formula will select it and replicate it on the worksheet within a blink. Below is the formula:
=CHOOSE (index_num, value1, [value2], …)
7. ISNONTEXT
You can use this formula to check whether a cell contains a text or not. It displays "true" if the cell contains nontext values but "false" if there is text in the cell. See the formula below:
=ISNONTEXT(value)
8. Index match
You can use the index match formula to find the values of different data in the rows and columns. For instance, if you have a collection of data for shoe sizes of many people and you want to select the shoe size of one person, then this formula can do it for you.
Here is the formula:
=INDEX(range, MATCH(lookup_value, lookup_range, match_type))
9. ISNUMBER
You can use this formula to check whether a cell contains a number or not. It displays "true" if the cell contains numbers but "false" if the cell is empty or if there is text in the cell. See the formula below:
=ISNUMBER(cell address)
10. TRIM
While working, you may leave out some spaces just before the first cell and after the last cell. You use the TRIM formula to cut off those extra spaces.
This is the formula:
=TRIM(text)
You can use MS Excel to carry out a plethora of tasks ranging from data storage to complex computations of data. Go ahead and simplify your work by learning how to use these functions.