Excel for Accounting - 10 Excel Functions You NEED to KNOW!

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If you work in accounting or you are a finance professional, make sure you learn these Excel formulas. They'll make your work life a LOT easier and they work in all Excel versions. All are great for accountants, auditors, data analysts and anyone else who'd like to use Excel more efficiently.

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Suitable for all Excel versions, these tools are vital in your accounting toolkit:

1. AGGREGATE Function: Summarizes values while ignoring errors and hidden cells. Ideal for dealing with large datasets containing errors.
2. ROUND Function: Rounds off numbers to a specified number of digits. Perfect for financial statements requiring specific decimal precision.
3. EOMONTH Function: Dynamically calculates the end-of-the-month date from a specified date, aiding in monthly financial closures.
4. EDATE Function: Moves a date forward or backward by a specified number of months, useful for financial forecasting and planning.
5. WORKDAY Function: Calculates a date after a certain number of business days, excluding weekends and public holidays. Essential for deadline tracking.
6. 3D Formulas: Simplify formula writing across multiple sheets. Particularly useful for consolidating data from various accounts or departments.
7. SUMIFS/AVERAGEIFS/COUNTIFS: Summarize, average, or count data based on multiple criteria. A must-have for detailed financial analysis.
8. IF Function: Checks conditions and returns specific values based on the outcome. Key for creating dynamic financial models and reports.
9. VLOOKUP Function: Retrieves data from a table based on a specified value. A fundamental tool for account reconciliation and data verification.
10. TRIM Function: Removes unwanted spaces from data, ensuring accuracy in functions like VLOOKUP. Critical for data imported from other systems.

If you have Office 365, make sure you check out this Excel tutorial. You'll find a list of easy and useful Excel functions such as FILTER, SORT, UNIQUE and SEQUENCE functions:    • 5 Excel Functions EVERYONE Needs  

00:00 Most Important Excel Functions for Accountants
00:15 AGGREGATE Function
03:16 Excel ROUND Function
04:40 EOMONTH Function
05:53 Excel EDATE Function
07:05 Excel WORKDAY Function
08:43 3D Formulas
10:17 SUMIFS / AVERAGEIFS / COUNTIFS
12:51 Excel IF Function
14:41 VLOOKUP Function
16:50 TRIM Function
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Detailed article for Excel functions for accounting: https://www.xelplus.com/excel-functio...
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LINKS to related videos:
► 3D Formulas:    • Excel 3D Formulas Explained (Sum Acro...  
► SUMIFS / COUNTIFS:    • How to Use SUMIFS, COUNTIFS and AVERA...  
► IF Function:    • Excel IF Formula: Simple to Advanced ...  
► VLOOKUP:    • VLOOKUP EXPLAINED - 2 Practical Excel...  
► XLOOKUP:    • How to Use the NEW & IMPROVED Excel X...  
► TRIM Function:    • Remove ALL Unwanted Spaces in Excel (...  

More accounting & Finance videos:    • Unleash your inner Financial Pro  

For more Excel functions, check out this advanced Excel tutorials and functions playlist:    • Excel Advanced Formulas & Features  

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