Excel 2010 Bible

Chapter 10: Introducing Formulas and Functions

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3. Select a scope in which the name will be valid (either the entire workbook or a spe-
   cific worksheet).


4. Click the Refers To text box, delete its contents, and replace the old contents with a
   value (such as. 075 ).


5. (Optional). Use the Comment box to provide a comment about the name.


6. Click OK to close the New Name dialog box and create the name.

You just created a name that refers to a constant rather than a cell or range. Now if you type

=SalesTax into a cell that’s within the scope of the name, this simple formula returns 0.075 —

the constant that you defined. You also can use this constant in a formula, such as

=A1*SalesTax.

Tip
A constant also can be text. For example, you can define a constant for your company’s name. n

Note
Named constants don’t appear in the Name box or in the Go To dialog box. This makes sense because these
constants don’t reside anywhere tangible. They do appear in the drop-down list that’s displayed when you
enter a formula — which is handy because you use these names in formulas. n

Using names for formulas ........................................................................................

Just like you can create a named constant, you can also create named formulas. Like with named

constants, named formulas don’t appear in the worksheet.

You create named formulas the same way you create named constants — by using the New Name

dialog box. For example, you might create a named formula that calculates the monthly interest

rate from an annual rate; Figure 10.16 shows an example. In this case, the name MonthlyRate

refers to the following formula:

=Sheet3!$B$1/12

FIGURE 10.16

Excel allows you to name a formula that doesn’t exist in a worksheet cell.