how do make a cell currency excel for mac

How Do Make A Cell Currency Excel How To By Hasaan

By inserting a currency sign, we make sure the reader knows which currency we are working with in our analysis.

We are going to use Excel 2013, but this tutorial is valid for all versions of Excel, 2010 and 2007 as well.

The exchange rate could be live, but that would require some more complicated procedures, which we are going to explain in future articles.

Right click on column J and hide all of them to keep the worksheet clean.

How Do Make A Cell Currency Excel How To By Hasaan

PakAccountants.com Home ACCA FIA DIPIFR CIMA ICAP Excel Excel Basics Excel Formulas Excel Charts Excel Pivot Tables Standards International Accounting Standards (IASs) International Financial Reporting Standards (IFRSs) International Standards on Auditing (ISAs) Online Courses Financial Accounting Cost and Management Accounting English (UK) Company Law English (UK) Contract Law Business Analysis Dictionary Shop Buy Excel Templates and Resources Creating Currency Converter in Excel How To By Hasaan Fazal Facebook Twitter WhatsApp Pinterest In the world we live in where almost every country has its own distinct currency and value, we almost always feel a need to convert one currency to another.

These days it is easy as we can look for them over the internet and calculate how much a dollar is in terms of Pakistan Rupee.

Instead of looking anywhere else we can make it in Excel and it doesnt take much effort either.

So lets toss the coins View Contents Understanding the concept Currency Converter Step-by-step Creating currency converter Understanding the concept For a currency converter to work we dont need the conversion rates of every currency for every other currency in the world.

As the world economics is relative therefore every currency is linked to another and we can find out the conversion rate of two currencies even if we dont know it directly.

For example if I know the conversion rate of 1 USD to PKR and 1 USD to AED then I can easily find out the conversion rate between 1PKR to AED.

Let me explain how it works: 1 USD 99.8 PKR Equation 1 And 1 PKR 0.01002 USD (199.8 0.01002) 1 USD 3.674 AED Equation 2 And 1 AED 0.27218 USD (13.674 0.27218) As left hand side of equation 1 and 2 is same therefore we can safely say that right hand sides are also equal to each other.

Therefore: 99.8 PKR 3.674 AED Now if I want to know how much 1 AED is in terms of PKR I simply have to move 3.674 to the left hand side of the equation: 99.8 PKR x 13.674 1 AED As we know 13.674 0.27218 so putting this value in the equation we get: 99.8 PKR x 0.27218 1AED Therefore: 1 AED 27.163 PKR So we understood that even if we have exchange rates of just one currency for all the others we can still find the exchange rate between any two currencies of the world.

So lets open the cash box Currency Converter Step-by-step We need updated currency exchange rates that we can use.

There are number of ways to get it done but the one that worked for me best is by using Excels built-in features.

Step 1: Open Excel and go to Data tab and click Existing connections button.

Step 2: From the popup select MSN MoneyCentral Investor currency rates and click open button Step 3: Excel will ask if you want to pull the information in the same worksheet or a new one.

Let it be existing worksheet with the cell address being the default too.

Step 5: Activate the option Refresh every minutes and type in the number of minutes after which Excel will refresh the sheet automatically to get the latest rates.

Step 6: Tick the option just under it that says Refresh data when opening file.

This way file will have latest data every time you open it at the start of the day.

It will take some time to fetch the data depending upon internet speed.

Following animation walks you through all the 7 steps explained: Step 8: Select cell A5 to A46 and type Curname in the name box to give name to this range.

Step 9: Go to cell J5 in the same worksheet and put the following formula and drag the fill handle down to cell J46: LEFT(Curname,FIND(-,Curname)-2) This will fetch the currency names leaving the unnecessary string of United states dollar.

Step 10: Select J5 to J46 and type Curlist in the name box to give name to this range.

Step 13: Select all the cells from J5 to L46 and name it Curtable by typing it in the name box and hitting Enter key on the keyboard.

How Do Make A Cell Currency Excel For Mac