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Remove Formulas in the 12 Month Income Statement

Remove Formulas in the 12 Month Income Statement

Aug 6th, 2022

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How to Remove Formulas in the 12 Month Income Statement

4.9 out of 5

19 votes

In Excel Magic Trick number 183, the tutorial focuses on creating a dynamic summary of financial data using a formula. Viewers can download the accompanying workbook provided via the creator's YouTube channel link. The tutorial begins by referencing a previous video (Excel Magic Trick 175) where a database containing customers, accounts, dates, and expense/revenue data is presented. The key formula discussed utilizes the MONTH function to extract the month from the date column for summarization. However, a limitation of this method is highlighted: when adding records for multiple years, the formula incorrectly sums all January entries across those years. The tutorial aims to address this issue for more accurate financial reporting.

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