Microsoft Office Tutorials and References

In Depth Information

**Important Tools for Any Business**

Rate Exchange Tables

When traveling abroad, at some point, you’ll have to create an expense report. Creating a

rateexchange calculator by region is a quick and efficient way to handle your expense reports.

Even though this is a simple formula, people continuously go the long way around to achieve

the same result. Notice in Figure 2.21,
=SUM(F7)*$G$5/$F$5
the region costs is to the left of the

US converted column, if you have several regions in the calculator, apply the regions to the left

of the US dollar as well.

Figure 2.21

A simple rate-exchange

calculator can help you

manage expense reports

when traveling abroad.

Using the
EUROCONVERT
Formula

The
EUROCONVERT
formula uses a fixed conversion rate from the European Union (EU). It

converts a number to Euros, and can convert Euros from one Euro Member to another.

The
EUROCONVERT
formula can be used when dealing with international regions, however, it

uses a fixed rate and you may want to apply your own formula that uses actual rates or current

rates. The
EUROCONVERT
formula is a good tool for forecasting and applying assumptions. In

Figure 2.22, the table represents the countr y, the countr y’s basic unit currency, and the ISO

code by the European Union (EU). The ISO code is the code Excel refers to when converting

one rate to another. In Figure 2.22, the five examples show the
EUROCONVERT
function with and

without the full precision and triangulation displayed. When full precision is true, then the

triangulation is the number of decimals to round to.

This is the Euro currency to convert. The number also

can be in the form of a cell reference.

NUMBER

The source is the three-letter ISO code that represents

the basic unit currency for a particular countr y. The

source is the current currency into which you want to

convert.

SOURCE