## Key Takeaway:

- Creating a formula library in Excel helps save common formulas for future use. This can save time and effort in the long run, as users can quickly access the desired formula instead of starting from scratch.
- Describing each formula briefly for reference and giving them unique, identifiable names makes it easier to find and use them quickly. This can save time and help ensure accurate data analysis.
- Creating a quick shortcut for formulas can save even more time and effort, allowing users to easily access the formula library without having to navigate through Excel menus.

Do you ever struggle to remember formulas in Excel? Don’t worry – this blog post will show you how to save time by saving common formulas in Excel! Quickly learn the simple steps to keep your formulas organized and accessible.

## Building a Formula Library in Excel

If you’re a big **Excel** fan like me, you know how annoying it is to re-do formulas. So, I made my own formula library in Excel. Here’s how:

- I created a new workbook and called it
**“Formula Library”**. - Then, I added a sheet for each formula I use often.
- By doing this, I sped up my workflow and increased my productivity.

If you’re sick of typing formulas, come with me and let’s build a formula library!

*Image credits: pixelatedworks.com by Harry Woodhock*

### Starting a new workbook

Launch Excel by double-clicking its icon. Click the **“File”** tab in the top-left corner. Choose **“New”** from the list of options on the left. Select **“Blank Workbook”** to start from scratch. Click **“Create”** to get a blank workbook.

*Feeling overwhelmed?* Blank workbook can be daunting. Here’s how to organize it: name the workbook something like ‘**Formula Library**‘ for easy identification. This will help you locate files as more projects pile up.

Finally, name the newly created worksheet “**Formula Library**.” Ready to get started?

### Naming the workbook “Formula Library”

To begin building your formula library, open a new workbook in Excel.

Click the **“File”** tab on the top left corner of your screen.

Choose **“Save As”** to choose a location to save your workbook.

**Name it “Formula Library”** and click “Save.”

**Naming the file** is important for easy identification and organization. Without a clear name, you’ll spend hours scrolling through tabs and sheets. By giving it an appropriate name, you’ll save time and frustration.

Now, add a sheet for each formula to build your formula library.

This process requires planning and execution, but it can be a **great resource for streamlining workflows and simplifying calculations**.

### Adding a sheet for each formula

**Create a new sheet for each formula you need to save**. Double-click the tab at the bottom of your screen to rename it. Type the name of the formula in cell A1. Then insert the equation into cell B1, along with any variables and values. **Copy and paste the contents** of cell B1 into adjacent cells too. **Repeat these steps for each formula**.

Organizing your formulas makes them easier to find later. **Color-code or group similar formulas** together. This saves time and boosts accuracy. **Take a few minutes now to set up the sheets.** You’ll thank yourself later!

## Saving Common Formulas for Easy Access

**I’m an Excel fan** and I’m always searching for ways to make **my work easier and fast**. So, I’m excited to discuss saving common formulas for easy access in this section. We all have those formulas that we use many times – and re-entering them is a hassle.

Let’s explore three strategies for saving your most used formulas:

- Entering them into suitable sheets
- Describing each formula in a few words for reference
- Giving them unique, recognizable names

By using these techniques, you can save time and make your Excel workflow simpler.

*Image credits: pixelatedworks.com by James Jones*

### Entering formulas into appropriate sheets

When working on **Excel Formulae**, it can be challenging at first. However, with practice, you’ll get better at entering formulas quickly and accurately.

To save time, save your common formulas for easy access. You can do this by creating a worksheet to store all your frequently used formulas in one spot. To make this even simpler, **provide a brief description of each formula in one sentence**.

### Describing each formula briefly for reference

When writing formulas, remember to include their **purpose and what they calculate**. Use language that is easy for anyone to understand, not just those familiar with Excel or math jargon. Keep descriptions brief so you can find the right formula quickly.

For instance, there’s **SUM**, which adds a range of numbers. **AVERAGE**, which calculates the average value of a range of numbers. And **COUNTIF**, which counts how many times a condition is met in a range.

Having clear descriptions saved alongside common formulas makes it easy to find what you need. I once used **PERCENTILE** to calculate percentages, but I wasn’t sure how to use it. My clear descriptions saved me time from researching.

Finally, give formulas unique, identifiable names for improved efficiency.

### Giving formulas unique, identifiable names

**Step 1:**Pick the cell with the formula you want to name.**Step 2:**Go to the Formulas tab and click on Define Name.**Step 3:**Put a special, recognizable name for your formula in the Name field.

Then, when you need it again, simply type the name you gave instead of searching for the full formula. This saves time and boosts productivity when dealing with Excel.

Naming formulas with specific names is especially helpful if you use certain formulas repeatedly or have a complex worksheet containing many formulas.

Plus, it aids in keeping your worksheet orderly and easier to read. You can spot which cells contain essential calculations without having to look through each formula.

For instance, if you have a sales report with multiple formulas for calculating **taxes, discounts, and total revenue**, you can rapidly identify which cells have important data and update those calculations as needed by giving each formula its own name.

Furthermore by using this method of naming formulas in Excel, named ranges are created over numerous sheets. Whenever users reference these names across different sheets in the workbook, there won’t be **#REF errors** as cells will discover the literals aka named ranges even if they cross sheet boundaries.

**Name your common formulas in Excel**. It will save time and make your worksheets more organized and effective! Quickly create shortcuts for formulas with keyboards!

## Creating a Quick Shortcut for Formulas

I’m an avid user of **Microsoft Excel** daily. **Saving time is key** to boosting productivity. I recently discovered a great **time-saving hack**. I’ll share my newfound knowledge with you.

I’ll delve into three sections that explain **how to create a shortcut for your most common formulas**:

- Right-click on the sheet tab.
- Select “Create Shortcut”.
- Place the shortcut on your desktop for easy access.

You’ll navigate through spreadsheets and complete tasks with **lightning speed**!

*Image credits: pixelatedworks.com by James Jones*

### Right-clicking on the sheet tab

**Right-click** the sheet tab at the *bottom of your screen* and select **“Move or Copy”** from the context menu. In the Move or Copy dialog box, pick which worksheet you want to move or copy your current worksheet to. Check or uncheck the **“Create a copy”** checkbox to decide if you want to make a copy or move it.

This is fast organizing! Right-clicking on the sheet tab also enables you to **rename, copy, delete** and do more to manage your worksheets. You’ll be surprised to see all the options when you accidentally **right-click on a sheet tab**.

I remember when I had over **50 worksheets** in an Excel workbook during college. My friend showed me how to use right-clicking on the sheet tab and it was a big time saver.

Also, there’s the **“Create Shortcut”** option for quickly working with formulas in Excel.

### Selecting “Create Shortcut”

Save time on Excel sheets by creating a shortcut for your frequently used formulas. Here’s how to do it:

- Start by selecting the cell with the formula you want to save.
- Head over to the
**“Formulas”**tab in the top ribbon. - Under the
**“Defined Names”**group, click on**“Define Name”**. - This opens a small window. Here, enter a name that is both easy to remember and provides enough information about the formula.
- Check the box next to
**“Use in Formula”**and click**“OK”**. - You’ve now created a shortcut!

To use this shortcut, simply type the shortcut name into any cell where you want to use the formula.

As an extra tip, consider placing the shortcut on the desktop for easy access. This will help save time during crunch-time moments.

### Placing the shortcut on the desktop for easy access

**Text:**

Select the formulas you want as shortcuts. Right-click and choose *“Define Name.”* Enter a name, click *“OK,”* then click *“File”* at the top. Choose *“Options,”* select *“Customize Ribbon,”* click *“New Tab”* and *“New Group,”* name them both and click *“OK.”*

You’ve created a library of formulas! To place a shortcut on your desktop, right-click and choose *“New” > “Shortcut.”* Type *“=Excel|”* followed by the formula name. Click *Next*, give it a name and click *Finish.* Another way to place it is by clicking & dragging onto your desktop or into a folder. Adding frequently used functions as shortcuts makes them available in other Microsoft Office apps like Word or PowerPoint. Now, let’s look at another trick in Excel for accessing the Formula Library Effortlessly!

## Accessing the Formula Library Effortlessly

Me, the writer, will take the *first-person* voice.

As an Excel fan, **I understand the irritation of looking for the same formula in various workbooks over and over**. Let’s start to discover how to access the *Excel Formula Library* quickly, so no more time is wasted trying to find common formulas.

Firstly, we must open **the Formula Library workbook**. Then, I will explain how to pick the formula you require. Lastly, I will show you *a shortcut to copy-paste the formula into your workbook*. This way, you can utilise your time in Excel efficiently and productively.

### Open the Formula Library workbook

Click the “**Formulas**” tab in Excel’s ribbon to open the *Formula Library* workbook. Then, select “**More Functions**” from the dropdown menu and choose “**Formula Library**“. This will let you access all common formulas.

Once open, the workbook is organized into categories like *financial, statistical, text, and date/time*. To navigate between categories, click the tabs at the bottom.

The Formula Library’s formulas are **tested and proven to be accurate**, so you can trust their results. **Save time** by not having to create formulas from scratch.

If you regularly use certain formulas, add them to your “**Favorites**” list in the Formula Library. Right-click on one and select “Add to Favorites”.

**Make accessing the Formula Library even simpler** by customizing your Quick Access Toolbar with a shortcut. This saves time since you don’t have to go through menus.

These tips make using the Formula Library in Excel effortless and can boost productivity. Let’s explore choosing the right formulas for your needs.

### Choose the desired formula

**“Choose the desired formula”** is an essential heading for users who want to pick a formula from Excel’s huge built-in Formula Library. To do this, here are the simple steps:

- Select the cell where you’re doing your calculation.
- Click on the
*“Formulas”*tab in the ribbon on top of your Excel workbook. You’ll get categories like financial, logical, date and time, math and trigonometry, etc. - Go through each category until you find the right formula. E.g. if you want to calculate compound interest on a loan amount, choose
**“Financial”**followed by**“CUMIPMT”**, and click on the highlighted formula to see its syntax.

The **“Choose the desired formula”** step is great, as it helps you locate the formula swiftly and without scrolling through multiple options. It has revolutionized data processing, as users can quickly identify what they need to calculate or analyze.

Plus, the formulas can be copy-pasted into tables or graphs with ease!

### Copy-pasting the formula into your workbook

**Copy-pasting formulas** saves time and eliminates errors. It also ensures consistency.

When you copy a formula into a new workbook, it adjusts cell references relative to its new position. I was thrilled when I first discovered how easy it was to copy-paste formulas in Excel. It saved me from manually typing them repeatedly for each calculation on different sheets.

Now, we’ll look at **common problems** that arise while dealing with formulas in Excel.

## Addressing Formula Troubleshooting Issues

**Excel users** know how tedious *formula troubleshooting* can be. But there are tricks to make it easier! In this segment, we’ll discover how to **check syntax errors** in a jiffy. We’ll also explore ways to **validate references** and check results quickly. Let’s get started!

*Image credits: pixelatedworks.com by David Arnold*

### Checking the formula syntax

To check formula syntax, follow these **steps**:

- Double-click on the cell with the formula.
- Click Formulas tab from Excel’s ribbon menu.
- Find and click Formula Auditing group from the Formulas tab.
- Select “Trace Precedents” under Formula Auditing.
- Check all cells highlighted in blue and yellow. Blue stands for cells directly referred to by formulas, while yellow are those referenced indirectly by other cells.

**Errors** represent various things. To fix a certain error, you must understand its cause. For example, if Excel highlights a cell with curly braces (#), it likely means there’s a calculation mistake in that cell.

To make working with formulas simpler in Excel, here are a few **tips**:

- Utilize named ranges as much as possible – it makes formulas easier to read and understand, and reduces formula errors.
- Use data validation occasionally – it stops human input errors when creating complex worksheets.
- Don’t have too many nested IF functions – they lead to slow worksheet performance and can be difficult for non-experts.

In summary, checking for proper formula syntax guarantees that formulas are working correctly before applying them. Before troubleshooting, simplify and clean out unknowns as much as you can to properly identify any real issues. Then, we’ll discuss the best way to confirm cell references.

### Checking the formula references

When examining formula references, a few tips can make the task simpler:

- Utilize absolute referencing where needed: Absolute referencing enables you to
**lock a certain cell reference so it doesn’t change when copying or dragging a formula across numerous cells**. - Don’t forget about external links: If your worksheet relies on
**external data sources**, double-check those links and make sure they are still working. - Think about breaking down complex formulas into smaller components: Large or complicated formulas can be hard to diagnose, so
**splitting them into smaller parts**can help find mistakes quickly. - Ensure your cell references are accurate: One of the most common difficulties with formulas is
**incorrect cell references**. Double-check the cells you are referring to and make sure they match up with the data you are trying to use. - Look for hard-coded values: Occasionally, formulas contain
**hard-coded values**that can cause troubles when attempting to update them with new data. If you notice any hard-coded values, think about replacing them with dynamic references instead. - Check named ranges: If you’re utilizing
**named ranges**in your formulas, make sure those ranges are still valid and haven’t been mistakenly deleted or changed. - Be aware of circular references:
**Circular references**occur when a formula refers back to its own cell, forming a cycle that can cause problems. If you spot any circular reference warnings, look into the issue further before going ahead. - Utilize Formula Auditing tools: Excel has built-in tools that permit you to
**audit your formulas for errors and track down the source of any issues**you may be facing.

By following these tips and tricks for checking formula references, you can save time and catch errors before they cause major issues in your Excel spreadsheets.

### Validating formula results with ease.

Make use of Excel’s **Error Checking** feature. Hover over the affected cell and click the green triangle that appears.

Use built-in functions like **IFERROR**. Replace error messages with alternate values or text.

Consider using **named ranges** instead of cell references in formulas. They’re easier to remember and modify, and reduce errors.

**Document the logic** used in each formula by adding comments. This way, others unfamiliar with the process can understand how the result was arrived at.

Create a **separate worksheet for formula testing**. Test and troubleshoot formulas without affecting the actual datasets.

**Save commonly used formulas as templates**. This saves time from rebuilding complex formulas from scratch every time.

## Five Facts About Saving Common Formulas in Excel:

**✅ Saving common formulas in Excel can save time and improve efficiency in data analysis and reporting.***(Source: Excel Easy)***✅ Formulas can be saved as part of Excel templates for easy access and consistency across different reports.***(Source: Microsoft Support)***✅ Common formulas such as SUM, AVERAGE, and COUNTIF can be saved using built-in Excel functions.***(Source: Excel Campus)***✅ Advanced users can create custom functions and save them for later use in Excel.***(Source: Ablebits)***✅ Saving formulas in Excel allows for more accurate and efficient data analysis, enabling businesses to make better-informed decisions.***(Source: TechRepublic)*

## FAQs about Saving Common Formulas In Excel

### What is the importance of saving common formulas in Excel?

Saving common formulas in Excel is important as it allows you to reuse them in other workbooks, saving time and reducing errors that may occur when retyping complex formulas. This feature also keeps consistency throughout different worksheets within a workbook.

### How do I save common formulas in Excel?

To save common formulas in Excel, simply select the cell with the formula and then copy it (Ctrl+C or Command+C). Next, select the cell where you want to paste the formula and use the Paste Special command (Ctrl+Alt+V or Command+Option+V) to paste the formula as a formula by selecting the ‘Formulas’ option.

### Can I save common formulas as templates in Excel?

Yes, you can save common formulas as templates in Excel. To do this, create a new workbook and include the formulas that you want to save as a template. Next, click ‘Save As’ and select ‘Excel Template (*.xltx)’ as the file type. You can now save the template with a name and use it to create new workbooks with frequently used formulas.

### How can I edit or delete my saved common formulas in Excel?

To edit or delete your saved common formulas in Excel, go to the ‘Formulas’ tab and select ‘Name Manager’. In the Name Manager dialog box, you will see a list of all the named ranges and formulas in the selected workbook. You can edit or delete any formula or named range from this dialog box.

### Can I share my saved common formulas with others in Excel?

Yes, you can share your saved common formulas with others in Excel. Simply save the workbook with the common formulas and share it with the desired recipients. They can open the workbook and use the common formulas like any other formulas in Excel.

### What are some best practices for saving common formulas in Excel?

Some best practices for saving common formulas in Excel include giving the formulas descriptive names, grouping related formulas together in a single worksheet, and using appropriate permissions to restrict access to sensitive formulas. Additionally, it is recommended to regularly review and update the list of saved common formulas to ensure they are relevant and accurate.

Nick Bilton is a British-American journalist, author, and coder. He is currently a special correspondent at Vanity Fair.