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.
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.
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