When you are dealing with loads of data entries its obvious that one can make mistake, but when it comes to finance you cannot risk as the whole organisation depends on the same.
Previously In Excel Formulas: How to Get a project end date with WORKDAY Formula?
So, to check whether there is an error in your data or not, one can follow up with the IFERROR Function.
To understand its mechanism, here’s an example for the same:
As you can observe in the image above, product code, as well as its cost price and the price at which we have sold the same, is mentioned. We need to generate the profit we have gained.
IFERROR Function also includes the basic formula or calculation that will help you get your result. To understand the same, lets input the formula first:
The formula for the IFERROR Function is
The following formula requires value i.e. the value which we want to check, and value if error means the value the formula will show if there is a presence of an error in the data.
As we mentioned above that the IFERROR Function also includes the basic calculation or your main formula. To generate profit, we all know that the formula or the calculation for the same is Selling price (S.P.) – Cost Price (C.P.).
Now comes the part of “value if error”.
As we have mentioned “0” in this part so if there is an error, the following function will show zero in the profit.
You can also type “” instead of 0, by doing this your answer will come as blank instead of 0.
The answer is 30. If the answer would have come as zero then it would have meant that there is error in data/ value.
Now drag the same cell you get your answers in one go instead of applying the formula again and again.
As you can observe in the image above, cell D7 is zero. This is because the cost price is A and not a numeric value. So, the IFERROR Function detected an error in the data.
It’s easy, isn’t it?