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In the MrExcel podcast episode 1505, Bill Jelen addresses the question of how to generate the next invoice number in Excel. He starts by suggesting users create a new invoice using templates available on Office Online. After selecting a template, he emphasizes the importance of customizing the invoice with company details. He highlights the need to identify the location of the invoice number within the template, noting that it is initially placed in square brackets, which he finds unconventional. Bill replaces the placeholder with a numeric value, specifically 23451, and remembers that this value is located in cell E5.