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In the MrExcel Netcast, Bill Jelen discusses customizing a free invoice template obtained from Office Online. He adjusted the template to include his state's tax rate and aimed to improve functionality by linking the "Bill To" and "Ship To" fields. To achieve this, he plans to implement simple formulas so that entering a name in column B would automatically reflect in column F. After finalizing the adjustments, he intends to create new invoices easily by saving the document as a template instead of just a workbook, utilizing the "File Save As" option. This approach enhances efficiency in generating invoices.