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Fundamentals of MS Excel
Introduction to Excel
Functions and Formulas ➢Excel is a spreadsheet software application developed by Microsoft. It is used to store,
organize, analyze, and visualize data in a tabular format made up of rows and columns. In

from Basic To Advanced Excel, each file is called a workbook, and each workbook can contain multiple worksheets.
Each worksheet is a grid where data is entered into cells.

Data Analysis ➢Key functions of Excel include:

➢Performing mathematical and statistical calculations using formulas and functions

➢Creating tables and organizing data efficiently

➢Generating charts and graphs for data visualization

➢Analyzing data using tools like sorting, filtering, and pivot tables

➢Managing budgets, financial records, and reports

Mastering Excel Formulas

✓ A formula starts with '='

✓ Performs calculations

✓ Example: =A1+B1

✓ Uses operators like +, -, *, /

As we use these formulas, they’ll become intuitive for automating calculations.

Core Excel Features

• Excel offers tools to manage data effectively:
• Data Organization: Store text, numbers or dates in cells. For example, list project
deadlines in column A and statuses in column B.
• Calculations: Use formulas like =SUM(A1:A5) to add numbers or =A1*2 to
multiply.
• Formatting: Enhance readability with fonts, colors or cell borders.
• Charts: Create visuals like bar or pie charts to summarize data.
• File Management: Save files as .xlsx and share them easily.
• As you begin working with Excel, you will also notice helpful tools like
• AutoFill, which allows you to continue patterns by dragging a cell corner, Flash
Fill, which automatically fills in data when it detects a pattern, such as splitting
full names into first and last names.

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Lookup & Reference

Common Functions ✓ =XLOOKUP(lookup_value, lookup_array, return_array): The modern successor to
Basic Math & Statistics VLOOKUP; it searches for a value in one column and returns the corresponding
value in another.
✓ =SUM(A1:A10): Adds up all the numbers in the specified range. ✓ =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup]):
✓ =AVERAGE(A1:A10): Calculates the average (mean) of the numbers in the range. Searches for a value in the first column of a table and returns a value in the same
✓ =COUNT(A1:A10): Counts how many cells in the range contain numbers. row from a specified column.
✓ =INDEX(array, row_num, column_num): Returns the value of a specific cell or
✓ =MAX(A1:A10): Returns the largest numerical value in the range. array of cells. Usually paired with the MATCH function to create powerful lookups.
✓ =MIN(A1:A10): Returns the smallest numerical value in the
Text Manipulation
Logical & Conditional Formulas ✓ =CONCATENATE(A1, B1) (or the shorter =A1&B1): Joins the text from multiple
✓ =IF(A1>50, "Pass", "Fail"): Checks if a condition is met, then returns one value for TRUE cells together.
✓ =LEN(A1): Returns the exact character count of a text string inside a cell.
and another for FALSE. ✓ =TRIM(A1): Removes extra spaces from text, leaving only single spaces between
✓ =SUMIF(A1:A10, ">20", B1:B10): Adds the numbers in B1:B10 only if the corresponding words.
cells in A1:A10 are greater than 20. Date & Time
✓ =TODAY(): Displays the current date. (Updates every time the workbook opens or
✓ =COUNTIF(A1:A10, "Apples"): Counts how many times the word "Apples" appears in the recalculates).
range A1:A10. ✓ =NOW(): Displays the current date and time

Logical Functions Text Functions

Excel continues to be one of the most powerful tools for data analysis, reporting, and How to insert function
automation. With the rise of dynamic arrays, smarter lookup functions, and advanced Step 1: Open your Excel Sheet and Choose a cell.
formula logic, mastering modern Excel formulas is essential for working faster and
Step 2: Type "=", then press Enter.
more accurately.
Excel Formulas vs Functions Step 3: Select or input the address of a cell.
•Excel Formula: A custom expression starting with = that performs calculations Step 4: Enter an operator.
•Example: =A1+A2+A3+A4+A5, which finds the sum of the range of values Step 5: Input the address of the next cell.
from cell A1 to cell A5.
Step 6: Press Enter.
•Excel Function: A predefined formula built into Excel
•Example: =SUM(A1:A10). This function adds up all the values in cells A1
through A10 CONCAT(): Join text
IF(): Conditional logic LEFT(): Extract characters
LEN(): Text length
Example: =IF(A1>50,'Pass','Fail')

Lookup Functions Lookup Functions

Syntax of VLOOKUP:
➢ VLOOKUP(): Search table
✓ VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])
➢ XLOOKUP(): Advanced lookup ✓ lookup_value – The value you want to find (ID, name, code, etc.)
➢ VLOOKUP (Vertical Lookup) is one of Excel’s most commonly used functions. It ✓ table_array – The range containing your data
allows you to search for a value in the first column of a table and return related data ✓ col_index_num – Column number (within the table_array) to return data from
from another column in the same row. ✓ [range_lookup](optional) – Match type
➢ Working of VLOOKUP ✓ TRUE or omitted and FALSE → Exact match (recommended in most cases)
➢ VLOOKUP searches vertically down the first column of a table for a specific value and Using VLOOKUP: Step-by-Step
returns a corresponding value from another column.
➢ Common use cases: ✓ We can use VLOOKUP with practical examples.

➢ Finding prices by product ID ✓ List all product IDs in the first column (A).
➢ Fetching employee details by ID ✓ Product Name in second column (B).
➢ Linking data between sheets or workbooks
✓ Ensure the corresponding prices are in a column to the right of the IDs and Product Name,
here we have mentioned that in column (C).

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Data Entry Basics

Data Entry, ❑ Enter text, numbers, and dates

Formatting, and ❑
❑
➢
Use autofill for sequences
Avoid duplicate or incorrect data
A Data Entry Form in Excel is a built-in tool that helps users easily add, edit, search,

Data Validation
and manage records in a table. Instead of entering data directly into rows and columns,
the form provides labeled fields for each column, making data entry faster, more
organized, and less error-prone. It is especially useful for managing structured data
such as student records, employee details, or inventory lists.
1. Adding the Form Tool to Excel
➢ The Form tool is hidden by default. Add it to the Quick Access Toolbar:
Step 1: Right-click on the Quick Access Toolbar
➢ To add the Data Entry Form option on the Quick Access Toolbar. First, right-click on
any of the existing icons in the Quick Access Toolbar. Then, click on Customize Quick
Access Toolbar.

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Conditional Formatting
➢ Highlight important values: Highlight Cells Based on Values
➢ The Highlight Cell Rules feature allows you to format cells based on conditions like greater than,
less than, between, or containing specific text. Follow the below steps to highlight cell rules in
excel:
Step 1: Select the Column
➢ Select the Column in which you want to apply conditional formatting. Here we have selected
Column C(Salary).
Step 2: Choose Conditional Formatting
➢ Go to Home Tab, Click on Conditional Formatting, Select Highlight Cells Rules and Click on Greater
Than.
➢ Use color scales and data bars
➢ Apply rules based on conditions
➢ We use conditional formatting in Excel to highlight important data based on specific rules. This
feature applies colors or styles to cells, helping us spot trends or key values in our spreadsheets
effortlessly. We can enhance our data presentation with these practical methods.

Best Practices Advanced Excel - Chart Design

➢ Charts in Excel are visual representations of data that help analyze trends, patterns, Common financial charts:
and comparisons quickly. Advanced charts take this further by combining multiple ◦ - Line charts (trends)
datasets, using secondary axes, and adding interactive elements to make complex ◦ - Bar charts (comparisons)
data easier to understand and interpret. They are useful for visualizing
◦ - Pie charts (proportions)
relationships, tracking progress, and comparing actual performance against targets.
Best Practices
Advance Chart
◦ Keep visuals simple
➢ Advanced charts allow you to consolidate information from more than one dataset ◦ Use consistent scales
into a single chart. They help visualize complex data relationships and trends in a ◦ Highlight key insights
clear and interactive way. Examples of popular advanced charts include:

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Intermediate Excel for Accounting Intermediate Excel for Accounting

Example:
• Conditional Doughnut Progress Chart: Displays percentage changes with
• In this example, we’ll use a dataset tracking the number of articles published on a
conditional colors for different levels of task completion.
website (e.g., GeeksforGeeks) and the number of monthly visitors over six months.
• Column Chart with Percentage Change: Shows percentage change over time
The goal is to visualize the relationship between articles published and visitor
for an event or task.
numbers using an advanced chart.
• Interactive Waterfall Chart: Illustrates changes in a quantity or amount over a
• Step-by-Step Implementation: Step 1: Create a Dataset.
period.
• In this step, we will create a random dataset for our example. We will need 3
• Actual vs. Multiple Targets Chart: Compares actual performance against
different columns Month, No. Of Articles Published, No. Of Visitors.
multiple goals..

Step 2: Create A Column Chart.

In this step, we will create a basic column chart using our random
dataset. For this Select Dataset > Insert > Charts > Insert Column / Bar
Chart. Excel will automatically insert a chart depending on chart basics.

Step 3: Formatting Chart.

• In this step, we will format the chart in order to make it a little
more advanced. As we can see in the above chart we are able to
visualize the number of visitors who visited the website and the
articles published but in order to make it more enhanced we will
also show the relationship between the two curves we will
format the chart. For this Select Any Visitor Curve > Chart Design
> Change Chart Type.

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Step 4: Adding Secondary Curve.

Once we click on the Change Chart Type, it will open a window where we will add
change the Visitors curve as a secondary curve this will enable us to easily visualize
the relationship between the articles published and the number of visitors on the
website. For this Select Combo > Click On Clustered Column Drop-Down > Select
Line Cure.

Step 4: Adding Secondary Curve. Step 4: Adding Secondary Curve.

Once we select the Line curve for our visitor's axis, we need to click Once we click on the OK button we will get the following chart as an
on the OK button. outcome.

Step 5: Adding Secondary Axis. Step 5: Adding Secondary Axis.

In this step, we will add a secondary axis to our chart. For this, we It will open a popup window where we need to Secondary Axis
need to repeat the same thing. For this Select Chart > Chart Design > checkbox for the Visitors curve, this will add the secondary axis to the
Change Chart Type. chart.

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Step 5: Adding Secondary Axis. Step 6: Adding Data Table.

Once we click on the OK button, we will get the output. In this step, we will try to add a data table to our chart. For this Click
Chart Element > Data Table.

Step 7: Output.
Once we click on the Data Table Checkbox Excel will automatically add
a data table to our chart. VLOOKUP
Searches vertically in a table
Syntax: =VLOOKUP(lookup_value, table_array, col_index, FALSE)
Used for retrieving financial data

HLOOKUP IF Statements
Searches horizontally in a table Performs logical tests
Syntax: =HLOOKUP(lookup_value, table_array, row_index, FALSE) Syntax: =IF(condition, value_if_true, value_if_false)
Useful for time-series data Example: Classifying profit/loss

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Conditional Logic Accounting Applications

Combining IF with AND/OR
➢ Automating reports
Example:
=IF(AND(A1>0,B1>0),"Profit","Loss") ➢ Error checking

➢ Financial categorization

➢ Decision support

Pivot Tables in Excel

Pivot Tables in Excel ➢Used to summarize large financial datasets
➢Drag-and-drop fields for analysis
➢Pivot Tables in Excel are a useful tool for summarizing, analyzing and organizing
large datasets. They allow users to group, filter, and perform calculations like sums ➢Examples: Total revenue by month, expenses by category
and averages using a simple drag-and-drop interface.
Creating a Pivot Table in Excel
➢Follow these simple steps to build a Pivot Table in Excel:
Step 1: Preparing the Data
➢Before creating a Pivot Table, ensure our data is properly formatted:
Organize in a Tabular Format: Place our data in rows and columns, with each
column having a header.
Avoid Blank Rows or Columns: Ensure there are no empty rows or columns within
our dataset.
Name our Data Range (Optional): Highlight our data and assign a name with
Formulas > Define Name for easier reference.

Pivot Tables in Excel

Step 2: Selecting the Data
◦ Click any cell inside our data or
◦ Highlight the specific range we want to include in the Pivot Table.
Step 3: Inserting a Pivot Table
◦ Go to the Insert tab on the Excel ribbon.
◦ Click PivotTable.
◦ In the Create PivotTable dialog box:
◦ Verify the selected data range.
Choose the location:
◦ New Worksheet: Places the Pivot Table in a new sheet (recommended).
◦ Existing Worksheet: Specify a cell in the current sheet.

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Shortcut Keys: Shortcut Keys:

Windows: Press Alt + N + V to open the Create PivotTable dialog box. Step 4: Build our Pivot Table
Mac: Press Command + Option + P to create a Pivot Table.
We'll see a PivotTable Field List pane on the right side of our screen.
This is where we organize our data:

Shortcut Keys:
a) Drag and Drop Fields:
Drag column headers from the Field List into one of the four areas: Shortcut Keys:
Rows: Sets rows for the table.
b) Customize Calculations:
Columns: Creates columns for our data.
➢ Right-click on a value in the Values area and choose Value Field Settings. Then, Select the
Values: Adds numerical data to be calculated like sum, count, etc. desired calculation like Sum, Average, Count, etc.

Filters: Adds filters to refine our analysis. Step 5: Formatting and Customizing the Pivot Table
➢ Apply a PivotTable Style: Select the Pivot Table and go to Design > PivotTable Styles to apply
a pre-designed format.
➢ Sort and Filter: Use the dropdown arrows on row or column headers to sort and filter data.
➢ Group Data: Right-click on a row or column item and select Group to organize data by date,
number ranges etc.
➢ Add Slicers (Optional): Go to Insert > Slicer to create interactive filters for our Pivot Table.
Shortcut Key:
➢ Windows: Press Alt → J → T → F (sequentially) to open the Field List pane; Mac: no default
shortcut available—use PivotTable Analyze → Field List.

Shortcut Keys: Shortcut Keys:

Step 6: Refresh the Pivot Table
Step 6: Refresh the Pivot Table
Update the Pivot Table when source data changes. Click anywhere in the Pivot Table.
Update the Pivot Table when source data changes. Click anywhere in the Pivot Table.
•Going to PivotTable Analyze > Refresh. •Going to PivotTable Analyze > Refresh.
Select Entire Pivot Table Shortcut Key: Select Entire Pivot Table Shortcut Key:
Windows/Mac: Press Ctrl + A (or Command + A on Mac) to select the entire Pivot Table. Windows/Mac: Press Ctrl + A (or Command + A on Mac) to select the entire Pivot
Table.

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Excel Finance Formulas: Functions for Financial Analysts Functions for Financial Analysts

➢ Excel is the primary tool finance professionals use to value companies, model ➢ Excel finance formulas are the backbone of valuation, investment
cash flows, build loan schedules, and analyze investments. This guide walks
analysis, and financial modeling.
through the most important Excel finance formulas like XNPV, XIRR, PMT,
EFFECT, and DB so you can apply them directly in real-world financial models. ➢ This guide walks through the Excel functions every finance

➢ Each function includes a plain-English explanation, syntax, and a simple finance professional should know with real finance examples.
example (DCF valuation, loan amortization, bond pricing, or depreciation) to
➢ Each function is shown with its syntax and a practical use case, from
help you see where it fits in your day-to-day work.
DCF valuations and loan schedules to bond yields and stock beta, so
you can apply these formulas directly in your own models.

Functions for Financial Analysts: 1 XNPV

➢ Formula: =XNPV(discount_rate, cash_flows, dates)

➢ The number one formula in Excel for finance professionals has to be XNPV.

➢ Any valuation analysis aimed at determining what a company is worth will need to
determine the Net Present Value (NPV) of a series of cash flows.

➢ Unlike the regular NPV function in Excel, XNPV takes into account specific dates
for cash flows and is, therefore, much more useful and precise.

Functions for Financial Analysts: 2 XIRR

➢ Formula: =XIRR(cash flows, dates)

➢ Closely related to XNPV, another important function is XIRR,

which determines the internal rate of return for a series of cash
flows, given specific dates.

➢ XIRR should always be used over the regular IRR formula, as the
time periods between cash flows are very unlikely to all be exactly
the same.

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Functions for Financial Analysts:3 MIRR

Formula: =MIRR(cash flows, cost of borrowing, reinvestment rate)

Here is another variation of the internal rate of return that’s very important for
finance professionals. The M stands for Modified, and this formula is particularly
useful if the cash from one investment is invested in a different investment.

For example, imagine if the cash flow from a private business is then invested in
government bonds.

If the business is high returning and produces an 18% IRR, but the cash along the
way is reinvested in a bond at only 8%, the combined IRR will be much lower than
18% (it will be 15%, as shown in the example below).

Functions for Financial Analysts:4 PMT

Formula: =PMT(rate, number of periods, present value)

This is a very common function in Excel for finance professionals working with real estate

financial modeling. The formula is most easily thought of as a mortgage payment calculator.

Given an interest rate, and a number of time periods (years, months, etc.) and the total value of

the loan (e.g., mortgage) you can easily figure out how much the payments will be.

Remember this produces the total payment, which includes both principal and interest.

See an example below that shows what the annual and monthly payments will be for a $1

million mortgage with a 30-year term and a 4.5% interest rate.

Functions for Financial Analysts:5 IPMT

Formula: = IPMT(rate, current period #, total # of periods, present value)

IPMT calculates the interest portion of a fixed debt payment. This Excel function
works very well in conjunction with the PMT function above. By separating out
the interest payments in each period, we can then arrive at the principal payments
in each period by taking the difference of PMT and IMPT.

In the example below, we can see that the interest payment in year 5 is $41,844 on
a 30-year loan with a 4.5% interest rate.

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Functions for Financial Analysts:

Formula: =EFFECT(interest rate, # of periods per year)

This finance function in Excel returns the effective annual interest rate for non-annual
compounding. This is a very important function in Excel for finance professionals,
particularly those involved with lending or borrowing.

For example, a 20.0% annual interest rate (APR) that compounds monthly is actually a
21.94% effective annual interest rate.

See a detailed example of this Excel function below.

Functions for Financial Analysts: 7 DB

Formula: =DB(cost, salvage value, life/# of periods, current period)

This is a great Excel function for accountants and finance

professionals. If you want to avoid building a large Declining Balance
(DB) depreciation schedule, Excel can calculate your depreciation
expense in each period with this formula.

Below is an example of how to use this formula to determine DB

depreciation.

Functions for Financial Analysts:8 RATE

Formula: =RATE(# of periods, coupon payment per period, price of

bond, face value of bond, type)

The RATE function can be used to calculate the Yield to Maturity for a
security. This is useful when determining the average annual rate of
return that is earned from buying a bond.

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Functions for Financial Analysts:9 FV

Formula: =FV(rate, # of periods, payments, starting value, type)

This function is great if you want to know how much money you will have in the
future, given a starting balance, regular payments, and a compounding interest rate.

In the example below, you will see what happens to $25 million if it’s grown at 4.5%
annually for 30 years and receives $1 million per year in additions to the total
balance.

The result is $154.6 million.

Functions for Financial Analysts: 10 SLOPE

Formula: =SLOPE(dependent variable, independent variable)

Finance professionals often have to calculate the Beta (volatility) of a stock when
performing valuation analysis and financial modeling.

While you can grab a stock’s Beta from Bloomberg or from CapIQ, it’s often the best
practice to build the analysis yourself in Excel.

The slope function in Excel allows you to easily calculate Beta, given the weekly
returns for a stock and the index you wish to compare it to.

The example below shows exactly how to calculate beta in Excel for financial
analysis.

Step 2: Create data entry

Dynamic Excel Dashboards Using Picklists

Dashboards are a report technique that visually presents critical

metrics or a data summary to allow for quick and effective business
decisions. Excel is capable of handling complex statistical
calculations, many of which are built-in as Functions and can be easily
displayed on a dashboard. Excel dashboards allow for quick overviews
of data reports rather than sifting through large amounts of data.
Creating Dynamic Excel Dashboards using Picklists
The following are the steps for building dynamic Excel Dashboards
with Picklists:

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Step 2: Create a Pick List: Step 2: Create a Pick List:

To create a Pick List, first place your cursor in any cell, such as cell G1, The Data Validation dialog box will appear, In the Settings tab, select
and then click the Data Validation button on the Data Ribbon. the List option in the Validation Criteria area.

Step 2: Create a Pick List: Step 2: Create a Pick List:

A Source field will be displayed. Select the spreadsheet range
If you click on Cell G1, you will now notice a dropdown arrow; if you
containing your pick list value in this field and click on OK.
click on it, you will see your data validation picklist of values.

Step 3: Create a chart. Step 3: Create a chart.

First, highlight the horizontal axis categories (years and Profit series): Then, on the Insert Ribbon, click the Column button and choose the 2-
D Clustered Column chart.

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Step 3: Create a chart. Step 4: Change the Vertical Axis.

Now, this is how your chart should look. Select Format Axis when you right-click on the Vertical Axis:

Step 4: Create a Named Range for the Chart. Step 4: Create a Named Range for the Chart.

The dialog box below will appear, then click on the New option
Navigate to the Formulas Ribbon and select the Name Manager
option:

Step 4: Create a Named Range for the Chart. Step 4: Create a Named Range for the Chart.
• In the name option, enter ChartColumnSeries as the file name and input the following • Note: The offset formula is described as follows:
formula in the Refers to option: • =Offset(beginning point, shift starting point down how many rows, move the
• =OFFSET(Sheet1!$A$3,0,MATCH(Sheet1!$G$1,Sheet1!$B$2:$D$2,0),9,1) starting point how many rows right by matching the value in cell G1 to the range of
B2:D2, how many rows in the range, how many columns in the range )

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Step 4: Create a Named Range for the Chart. Step 4: Create a Named Range for the Chart.

Step 5: Update chart series with Dynamic Named Range.

Right-click on the chart and click on the Select Data dialog box: Then select the Profit legend series and click on the Edit option:

Step 4: Create a Named Range for the Chart. Power Pivot for Excel
Then, in the Series Values field, enter the name of the named range you defined in ➢ Power Pivot extends Excel’s capabilities with a local instance of Microsoft Analysis
Services Tabular, allowing us to:
the earlier step. ➢ Build data models from multiple sources.
➢ Perform high-speed calculations using Data Analysis Expressions (DAX).
➢ Create advanced PivotTables and PivotCharts for analysis.
➢ It supports millions of rows, table relationships, and in-memory processing, making it ideal
for large-scale data tasks.
➢ Applications of Power Pivot?
➢ Large-Scale Analysis: Handles millions of rows efficiently.
➢ Data Integration: Combines data from sources like Excel, SQL Server, or CSV files.
➢ Advanced Calculations: Uses DAX for custom measures and KPIs.
➢ Dynamic Reporting: Creates interactive PivotTables and PivotCharts from related tables.

Power Pivot for Excel Power Pivot for Excel

Key Features of Power Pivot 4. Data Model and Relationships:

1. Data Analysis Expressions (DAX): Creates tabular data models with relationships, eliminating the need for VLOOKUP.

A formula language for creating custom calculations (e.g., aggregations, time 5. Diagram View:
intelligence). Visualizes table relationships, exportable as an image (File > Save View as Picture).
Example: Calculate year-over-year sales growth across tables. 6. Power PivotTables and PivotCharts:
2. In-Memory Processing: Builds reports from multiple related tables for comprehensive analysis.
Uses the xVelocity engine for fast data loading and calculations, even with large 7. Data Preview and Editing:
datasets.
Allows previewing and editing up to five rows per table in the Power Pivot window.
3. Multi-Source Data Import:
8. Enterprise Security:
Integrates data from Excel, SQL Server, Oracle, CSV files, and more.
Offers IT controls for managing shared workbooks in collaborative environments.

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How to Import Data from External Sources into Excel?

How to Import Data from External Sources into Excel?

For Excel 2013 and later:
Power Pivot is already built into Excel and just needs to be enabled.
we can load data into Data Model from external sources in the following ways:
How to Start the Power Pivot Add-in for Excel?
Load Data into Excel and then create a Power Pivot data model. Power Pivot Add-in is a COM Add-in, which is wer gateway to unleashing the full potential of
Load data directly into Power Pivot Data Model. Power Pivot within Excel. Elevate wer data analysis prowess by harnessing the comprehensive
suite of features that are offered by Power Pivot. Follow the below steps to add Power-Pivot in
How to Install Power Pivot in Excel? the Ribbon:

For Excel 2010: Step 1: Click on the File tab

Download the Power Pivot add-in from the Microsoft Download Center. Click the FILE tab on the Ribbon.
Step 2: Click on Options
After installation, the Power Pivot tab will appear in Excel.
Click Options in the dropdown list. The Excel Options dialog box appears.
Step 3: Select Add-ins
Select COM Add-ins from the drop down and Click OK.

Step 4: Select Power Pivot from the Drop-Down

We can select the power pivot from the drop-down.

Step 5: Preview Power Pivot in Excel
Now we can see the Power Pivot in the Ribbon.

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