Here are the steps to follow in this lesson:
- A “named cell” creates an Absolute cell reference.
- One way to name a cell is to select the cell and type the name you want in the “Name Box” (Do not use any spaces) and hit Enter
- To apply the Named Cell in an existing formula, highlight the part of the formula and select Insert, Name, Paste (the named cell) and click OK.
- Consider creating a “Named Constant” for numbers you use frequently in a formula e.g. Sales Tax or Inflation Rate.
- To create a Named Constant choose Insert, Name, Define and in the “Refers to” box type (for example) = 0.0715
- Follow the same procedure to use the Constant in your formula: Insert, Name, Paste (named Constant) and click OK.
- Edit the Named Constant if e.g. the Sales Tax Rate changes. All formulas that use the Named Constant (in this workbook) will update automatically!
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