Top 15 MS Excel Formulas Explained in One Cheat Sheet
This blog was originally published on Fast Track Computer Solutions and is reprinted here with permission.
Microsoft Excel can seem a little intimidating at first, but it’s actually a super handy tool once you get the hang of it. Whether you’re a student trying to organize data, a professional working on reports, or someone looking to improve your Excel training skills, understanding formulas is key to making Excel work for you.
Formulas are like little instructions you give Excel: they tell it how to calculate numbers, analyze data, or even combine text automatically. Once you get comfortable with them, you’ll be able to save time, reduce mistakes, and turn raw data into meaningful insights in no time.
This blog is here to make formulas simple. We’ll walk you through what formulas are, why they matter, and how to use the most common ones with easy-to-understand examples. By the end, you’ll feel more confident tackling your own Excel spreadsheets.
An Excel formula is an expression that performs calculations on values in a worksheet. Formulas can add, subtract, multiply, divide, compare values, or manipulate text and dates. Every Excel formula starts with an equals sign (=), which tells Excel that the cell contains a calculation rather than plain text.
This formula adds the values in cells A1 and A2 and displays the result.
Cell references (e.g., A1, B2)
Functions (SUM, AVERAGE, IF, etc.)
Importance of Excel Formulas
Excel formulas are more than just a way to add numbers—they are the core feature that makes Excel such a powerful tool. They allow you to perform calculations automatically, analyze data, and make better decisions without spending hours on manual work.
Formulas can handle repetitive calculations in seconds. Instead of manually adding up rows of numbers or calculating percentages, a single formula can do the job instantly, even for large datasets.
Manual calculations are prone to mistakes. Formulas ensure consistency and accuracy because Excel recalculates automatically whenever your input data changes.
3. Enable Data Analysis and Insights
Formulas help you identify trends, summarize information, and compare data efficiently. With functions like SUM, AVERAGE, IF, and VLOOKUP, you can quickly generate meaningful insights from raw data.
By automating calculations and logical operations, formulas free up time for more strategic tasks. You can focus on interpreting results and making decisions rather than crunching numbers.
5. Dynamic and Flexible Updates
One of the biggest advantages of formulas is that they update automatically. Change a single value, and all dependent calculations adjust instantly, keeping your spreadsheets accurate and up-to-date.
6. Build Professional Reports
Knowing formulas allows you to create reports that are both accurate and professional. Businesses rely on Excel formulas to generate financial reports, track sales, manage inventory, and analyze performance.
In short, formulas are what transform Excel from a simple spreadsheet tool into a powerful engine for calculation, analysis, and automation. Mastering them is essential for anyone looking to become proficient in Excel and enhance their Excel training skills.
Basic Excel Formulas and Functions Cheat Sheet
Formulas and functions are the heart of Excel. Formulas perform calculations using numbers, operators, and cell references, while functions are predefined formulas that simplify complex tasks.
Learning these basics allows you to calculate totals, averages, and counts; perform logical tests; look up information; manipulate text; and build dynamic spreadsheets.
Adds a range of numbers. SUM can take individual numbers, cell references, or entire ranges, and automatically ignores blank cells and text. It is the most commonly used function for adding totals quickly, such as sales, expenses, or scores.
Syntax: =SUM(number1, [number2], …) Example: =SUM(A1:A10)
Calculates the mean of numbers. AVERAGE sums the values in a range and divides by the number of numeric entries. It is useful for grades, sales, or performance metrics.
Syntax: =AVERAGE(number1, [number2], …) Example: =AVERAGE(B1:B5)
Counts numeric cells. COUNT ignores text and empty cells, making it useful for determining how many numbers are in a dataset.
Syntax: =COUNT(value1, [value2], …) Example: =COUNT(A1:A10)
Counts non-empty cells, including text, numbers, or symbols. It is helpful for checking filled entries such as survey responses or attendance.
Finds the highest value in a range. Useful for identifying top performers, highest sales, or maximum measurements.
Finds the lowest value in a range. Useful for finding minimum scores, costs, or temperatures.
Performs logical tests and returns results based on conditions. Widely used for pass/fail, yes/no, or flagging entries that meet criteria.
Syntax: =IF(logical_test, value_if_true, value_if_false) Example: =IF(A1>=50, “Pass”, “Fail”)
Combines text from multiple cells. Useful for merging first and last names, addresses, or labels.
Syntax: =CONCAT(A1, ” “, B1)
Extracts portions of text from a cell. LEFT extracts from the start, RIGHT from the end, and MID from the middle. Helpful for extracting codes, IDs, or abbreviations.
Counts the number of characters in text. Useful for checking text length or ensuring codes meet requirements.
Returns the current date. Automatically updates to today’s date, useful for tracking deadlines or timestamps.
Returns the current date and time. Useful for logging the exact time of data entry or time-sensitive dashboards.
Searches vertically for a value and returns a corresponding value from another column. Used to retrieve data from large tables, like product prices or employee information.
Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup]) Example: =VLOOKUP(A2, A2:D10, 3, FALSE)
Similar to VLOOKUP but searches horizontally. Useful for tables arranged in rows rather than columns.
15. XLOOKUP (Modern Excel)
Modern replacement for VLOOKUP and HLOOKUP. Handles vertical and horizontal lookups, missing data, and flexible search modes. Useful for retrieving information efficiently without worrying about column positions.
Syntax: =XLOOKUP(lookup_value, lookup_array, return_array, [if_not_found], [match_mode], [search_mode]) Example: =XLOOKUP(A2, A2:A10, B2:B10, “Not Found”)
Additional Formulas That Can Be Helpful
Beyond the basic formulas, Excel offers many additional functions that can greatly enhance your productivity and data analysis capabilities. Some useful ones include:
TRIM: Removes extra spaces from text, which is useful when cleaning data.
PROPER / UPPER / LOWER: Changes text case to proper case, all uppercase, or all lowercase.
Syntax: =PROPER(text) / =UPPER(text) / =LOWER(text)
ROUND / ROUNDUP / ROUNDDOWN: Helps control decimal places for numeric data.
Syntax: =ROUND(number, num_digits) / =ROUNDUP(number, num_digits) / =ROUNDDOWN(number, num_digits)
PMT: Calculates loan payments based on interest rate, periods, and principal.
Syntax: =PMT(rate, nper, pv, [fv], [type])
INDEX / MATCH: Advanced lookup combination that provides more flexibility than VLOOKUP.
Syntax: =INDEX(array, row_num, [column_num]) and =MATCH(lookup_value, lookup_array, [match_type])
TEXT: Converts numbers and dates into custom text formats.
Syntax: =TEXT(value, format_text)
DATE / YEAR / MONTH / DAY: Extract and manipulate date components.
Syntax: =DATE(year, month, day) / =YEAR(date) / =MONTH(date) / =DAY(date)
IFERROR: Handles errors gracefully by providing an alternative result.
Syntax: =IFERROR(value, value_if_error)
COUNTIF / SUMIF / AVERAGEIF: Perform conditional counting, summing, and averaging based on criteria.
Syntax: =COUNTIF(range, criteria) / =SUMIF(range, criteria, [sum_range]) / =AVERAGEIF(range, criteria, [average_range])
These formulas expand the ways you can manipulate and analyze data, making Excel a far more powerful tool for professionals and students alike.
Tips for Using Excel Formulas Effectively
Using Excel formulas effectively can drastically improve your productivity, accuracy, and overall confidence when working with spreadsheets. Here are some detailed tips to help you get the most out of Excel formulas:
Start with the = sign: Every formula in Excel must begin with an equals sign (=). This signals to Excel that the cell contains a calculation or function. Forgetting this step is a common mistake that can result in Excel treating your input as plain text rather than a formula.
Understand cell references: Learn the difference between relative references (A1), absolute references ($A$1), and mixed references (A$1 or $A1). Relative references change when a formula is copied across cells, absolute references stay fixed, and mixed references can lock either the row or column. Mastering this concept helps prevent errors when copying formulas across large datasets.
Break complex formulas into smaller parts: If you have a long or nested formula, break it down into smaller steps to make it easier to debug and understand. You can calculate intermediate results in separate cells and then combine them for the final result. This approach reduces errors and improves formula readability.
Use the Formula Bar: Always check your formulas in the Formula Bar. The Formula Bar displays the actual formula rather than the result, which helps you spot mistakes, understand logic, and edit formulas efficiently.
Leverage built-in functions: Excel has hundreds of functions for logical operations, text manipulation, date and time calculations, and lookup tasks. Familiarize yourself with commonly used functions such as SUM, AVERAGE, IF, VLOOKUP, and TEXT. Using functions can simplify complex calculations and make your spreadsheets more efficient.
Practice regularly: Applying formulas to real datasets reinforces your learning and improves speed and accuracy. Experiment with different functions and combinations to gain confidence and discover new ways to analyze data.
Label and document formulas: For complex or multi-step formulas, use comments, notes, or text labels to explain what the formula does. This not only helps you understand it later but also makes it easier for others to follow your work.
Test with sample data: Before applying formulas to large datasets, test them with a few sample entries. This ensures the logic is correct, identifies errors early, and prevents widespread mistakes across your spreadsheet.
Double-check data types: Ensure that the input values match the expected type (numbers, text, dates). Using the wrong data type in a formula can lead to errors or incorrect results.
Update formulas when data changes: Keep your formulas flexible, and consider using dynamic ranges, named ranges, or structured tables so that formulas automatically adapt when new data is added.
By following these tips, you can write formulas that are accurate, efficient, and easier to maintain, saving time and reducing errors while making your Excel work more professional.
Even experienced Excel users make mistakes. Being aware of common pitfalls can save time and frustration:
Forgetting the = sign: Without it, Excel won’t recognize the formula.
Confusing relative and absolute references: This can lead to incorrect results when copying formulas.
Ignoring parentheses: Misplaced or missing parentheses can change calculation order.
Wrong cell ranges: Always double-check that your formula references the correct cells.
Data type mismatches: Ensure numbers, text, and dates are correctly formatted for the formula.
Over-reliance on older functions: Functions like VLOOKUP have limitations; consider XLOOKUP for more flexibility.
Not handling errors: Use IFERROR or similar techniques to manage potential errors gracefully.
Copying formulas blindly: Check formulas after copying to avoid unintended results.
Supercharge Your Business with These Formulas!
Mastering Excel formulas is essential for anyone looking to work efficiently, analyze data accurately, and create professional spreadsheets. From basic calculations with SUM, AVERAGE, and COUNT to advanced functions like VLOOKUP, XLOOKUP, INDEX/MATCH, and conditional formulas, understanding how to use these tools can save you time, reduce errors, and make data analysis far more effective.
By following best practices, such as using correct cell references, breaking down complex formulas, testing with sample data, and documenting your work, you can write formulas that are reliable, flexible, and easy to maintain. Avoiding common mistakes ensures that your spreadsheets remain accurate and useful.
With regular practice and thoughtful application, Excel formulas become a valuable skill that enhances productivity, supports smarter decision-making, and helps you harness the full power of Excel. If you want to accelerate your learning and apply these formulas confidently in real-world scenarios, enrolling in a structured Excel course can give you hands-on guidance, practical examples, and expert support to master Excel faster.
