Name a cell and use it in a formula

Here are the steps to follow in this lesson:

1. A “named cell” creates an Absolute cell reference.
2. 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
3. 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.
4. Consider creating a “Named Constant” for numbers you use frequently in a formula e.g. Sales Tax or Inflation Rate.
5. To create a Named Constant choose Insert, Name, Define and in the “Refers to” box type (for example) = 0.0715
6. Follow the same procedure to use the Constant in your formula: Insert, Name, Paste (named Constant) and click OK.
7. 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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