Throughout the world, several people are in charge of processes which require a currency converter. While most of the times one is required to look up the present rate of exchange before using complex calculations to convert the currency, there is another much simpler method. As much as the world has already accepted the supremacy of Microsoft Excel over other spreadsheets, excel also comes with several add-in extensions which provide you with additional provisions.
Microsoft Excel’s Currency Converter
One such add-in extension offered by Excel is the Currency Converter. By using this application, your endless days converting and counting currency will turn into a blink-of-an-eye phenomenon.
How to create currency converter
Unlike what many people think, Currency Converter by Microsoft Excel is extremely easy to use. If you have trouble understanding the procedure, follow the complete guide mentioned below about how to create a currency converter with Microsoft excel.
– Step 1: The first step of all is to decide upon the currency you want to convert.
– Step 2: Next, know the present rate of conversion. You can do this by visiting Yahoo’s currency converter that tells you the latest rate of conversion for most of the international currencies. Apart from this, there are several other sites which can help you in this process.
– Step 3: Once you know the latest rate of conversion, open Microsoft Excel.
– Step 4: Begin with labeling the first three columns of the spreadsheet as “present currency”, “conversion factor” and “converted currency”. While the labeling is purely for instructional purposes, if you wish, you can label the columns as anything you wish.
– Step 5: Now you can start filling in the information within the respective cells.
* Enter the amount you wish to convert. For example, if you wish to convert $250 into another currency, mention 250 under the “present currency” header or the first column.
* In the second column or the column titled “conversion factor”, write the rate of conversion of the currency.
* Within the third column, enter a formula. The formula will help you calculate the converted currency. A formula “”+column1/cell1 * +colum2/cell1” should be inserted into the third column. This means that if your data entries are in row 2 then the formula would look like “+A2*+B2”.
– Step 5: Press enter as you finish putting in the formula and the currency will get automatically converted.
Further Tips to enhance Currency Converter
While the above steps will ensure easy conversion of your data and information, if you really want to enhance the looks and likes of your currency converter, you can choose to format it further. For instance, you can add color to the converter or change the borders making them bold, underlined etc.
While developing currency converter in Microsoft Excel is not difficult, you need to know that the rate of conversion changes every day. Therefore, if you want accurate data conversions, it is best that you check and submit the latest rates of conversion every time you use the currency converter. You can also opt for automatic updates for this purpose. This will ensure correct information for your currency converter and hence lead to accurate conversions.