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To set reminders in Excel for upcoming due dates, you can use two methods: the IF function and conditional formatting. To use the IF function, start by entering an equal sign and "IF" in a cell (e.g., C4), then select the cell with the date you want to monitor. Use the formula to check if the date is less than today’s date plus seven days. If the condition is true, you can customize the reminder text to be displayed. For more detailed instructions on conditional formatting, refer to the video tutorial. This function helps you keep track of important due dates efficiently.