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In this tutorial on Excel Dashboard Templates, Steve demonstrates how to create a calculated field in a pivot table. He encourages viewers to visit his blog for more Excel tips and techniques. Steve uses a sales data set and guides users to click on the pivot table to access contextual ribbons, specifically the "PivotTable Tools Analyze" tab. Under "Calculations," he selects "Fields, Items, and Sets," then chooses "Calculated Field." Steve illustrates the process by naming the new field "Commission" and explains that a 5% commission will be applied to sales figures. This new field can be utilized in other elements like pivot charts.