Omari Gates
Excel is a powerful tool used by over 1.2 billion people worldwide. It can be used to convert foreign currencies to US dollars and apply exchange rates to reports such as balance sheets and income statements. This can be done by using external sources and the Power Query Editor or by a simple formula. Excel does not include built-in currency conversion tools, but it can easily get and compare exchange rates from around the world.
| Characteristics | Values |
|---|---|
| Tools | Microsoft Excel, Power Query Editor |
| Data Type | Currencies |
| Currency Pair Format | From Currency / To Currency with the ISO currency codes |
| Example | USD/EUR |
| Formula | =CHOOSE(C3,VLOOKUP(C4,'FX Rate'!A:B,2,FALSE), VLOOKUP(C4,'FX Rate'!D:E,2,FALSE),... |
| Latest Exchange Rate | 1 AUD = 0.638821 USD |
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What You'll Learn
Using the CHOOSE function
To convert Australian dollars to US dollars in Excel, you can use the CHOOSE function in combination with the VLOOKUP function. Here's a step-by-step guide:
- List the Available Currency Types: Create a list of all the currency types you want to work with, including Australian dollars (AUD) and US dollars (USD). This list will be used as a reference for your conversions.
- Set Up Input Cells: Decide on the layout of your spreadsheet. You can use Column A for the original amounts, Column B for the exchange rates, and Column C for the converted amounts. Label your columns accordingly.
- Set Up CHOOSE Function with VLOOKUP: This is where you'll use the CHOOSE and VLOOKUP functions together. The CHOOSE function allows you to select an option from a list, and the VLOOKUP function helps you find the exchange rate for the chosen currency pair. You'll need to input the currency pair in the format "From Currency/To Currency" using their ISO currency codes, such as "AUD/USD".
- Use the CHOOSE and VLOOKUP Functions: The CHOOSE function will select the appropriate exchange rate from your list of currency types, and the VLOOKUP function will look up the exchange rate for the chosen currency pair. You can use the following formula as a starting point and adjust it according to your spreadsheet layout:
=VLOOKUP(CHOOSE(currency_type, "AUD/USD" range), rate_table, 2, FALSE)
In this formula, "currency_type" refers to the column where you select the currency type (such as "AUD" or "USD"), and "rate_table" refers to the range of cells containing your exchange rate data.
- Set Up Conversion Conditions: Depending on the currencies involved, you may need to set up conditions for multiplying or dividing exchange rates. For example, if you're converting from AUD to USD, you would multiply the AUD amount by the exchange rate. On the other hand, if you're converting from USD to AUD, you would divide the USD amount by the exchange rate.
- Perform the Conversion: With your functions and conditions set up, you can now perform the conversion. Input your original amounts in the designated column (e.g., Column A) and use the formula provided by the CHOOSE and VLOOKUP functions to retrieve the converted amounts.
Remember that currency exchange rates change frequently, so it's important to use up-to-date exchange rates for accurate conversions. You can manually update exchange rates or use features like Excel's Power Query to retrieve real-time exchange rates from external sources.
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Applying the Input Cell Style
Cell styles in Excel are a great way to quickly format cells and ensure consistency across your data. You can use built-in cell styles or create your own custom styles. Applying the Input Cell Style in Excel can be done in a few simple steps and is particularly useful when dealing with currency conversion, as it allows you to clearly mark the cells where users need to input values.
To apply the Input Cell Style, follow these steps:
- Select the cells you want to format. You can select multiple cells by holding down Ctrl while clicking on the desired cells.
- Go to the Home tab on the Excel ribbon.
- Locate the Styles group within the Home tab.
- Click on the More dropdown arrow in the Style gallery.
- From the options that appear, choose "Cell Styles." This will open up a gallery of predefined cell styles.
- Hover over the "Input" cell style to preview its appearance. The Input style is typically used to indicate cells where users should input values.
- Click on the "Input" cell style to apply it to your selected cells.
If you want to create a custom Input Cell Style with specific formatting, you can follow these steps:
- Select the cells that you want to format.
- Right-click on the selected cells and choose "Format Cells" from the menu.
- In the Format Cells dialog box, you can modify various formatting options such as fonts, font sizes, number formats, cell borders, and cell shading.
- Make the desired changes to the formatting and click "OK" to save your custom style.
- Go back to the Home tab and click on the More dropdown arrow in the Styles gallery.
- Click on "New Cell Style" from the Cell Styles dropdown menu.
- In the Style name box, type a suitable name for your new custom Input Cell Style.
- Click "Format" to review and make any final adjustments to your formatting.
- Click "OK" to save your new custom Input Cell Style.
By applying the Input Cell Style, you can easily identify the cells where users need to input currency values for conversion. This helps maintain a clear and organised spreadsheet, especially when dealing with currency conversion tools in Excel.
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Using external sources and the Power Query Editor
Microsoft Excel does not include built-in currency conversion tools. However, you can use an external data source to provide updated rates. Excel also offers multiple ways to format numbers into different currency formats and perform currency conversions based on location.
To convert Australian dollars to US dollars in Excel using external sources and the Power Query Editor, follow these steps:
- Find a Suitable External Data Source: Look for a reliable online data source that provides currency exchange rates in XML format. For historical data, you can refer to the Federal Reserve Bank. For real-time exchange rates, you can explore websites like Floatrates.com.
- Import the Data into Excel: Open your Excel spreadsheet. In Excel 2019 or Office 365, go to Data > Get Data > From File > From XML. In older versions of Excel, navigate to Data > Get External Data > From Other Sources > From XML Data Import. Paste the URL of your chosen data source into the XML data feed in the File Name box, and then click Import.
- Utilize the Power Query Editor: After importing the data, you will see a preview of it. Click "Transform Data" to launch the Excel Power Query Editor. This editor allows you to clean, structure, and manipulate the data as needed.
- Select the Relevant Table: Scroll to the relevant section or table within the Power Query Editor that contains the currency exchange rates you require.
- Load the Data: Once you have selected the appropriate table, click "Close & Load" to load the data into a new worksheet. Alternatively, you can choose "Close & Load To" to load the data into an existing worksheet.
- Apply Currency Formatting: With the currency rate now available in your Excel worksheet, you can proceed to format your numbers with the desired currency. Select the cell range you want to format, right-click, and choose "Format Cells." Navigate to the Number tab, select "Currency" from the category list, and then choose your preferred currency symbol.
- Perform Currency Conversion: To convert Australian dollars to US dollars, you can use a simple multiplication formula. In the cell next to your Australian dollar amount, enter the formula = [Cell with Australian dollar amount] * [Cell with the exchange rate]. For example, if your Australian dollar amount is in cell A2 and the exchange rate is in cell B3, the formula would be =A2*B3.
- Update Exchange Rates: To ensure you are using the latest exchange rates, you can periodically refresh the currency table. Right-click on any cell within the table and choose "Refresh" from the context menu. This will pull the latest data and update your calculations accordingly.
By following these steps, you can effectively convert Australian dollars to US dollars in Excel using external sources and the Power Query Editor.
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Converting multiple currencies at once
To convert multiple currencies at once in Excel, you can use a combination of formulas and functions. Here's a step-by-step guide:
- Data Preparation: First, you need to download historical exchange rate data for the currencies you want to convert. The Federal Reserve Bank provides historical exchange rate data that you can download and paste into Excel. Ensure that each currency has its own set of columns, including the exchange rates for the desired date or range of dates.
- Currency Pair Format: In Excel, enter the currency pairs in the format "From Currency / To Currency" using the ISO currency codes. For example, to get the exchange rate from Australian Dollars to US Dollars, you would enter "AUD/USD" in the cell.
- Create a Table (Optional): While not required, creating a table will make it easier to insert data later. Select the cells with the currency pairs and go to the "Insert" tab, then choose "Table".
- Select Currencies Data Type: With the cells containing the currency pairs still selected, go to the "Data" tab and select the "Currencies" data type. This will allow you to get and compare exchange rates from around the world.
- Extracting Exchange Rate Information: You can now select one or more converted cells and click the "Insert Data" button to extract more information. A list of fields will appear, allowing you to add new columns of data. For example, you can select "Price" to get the exchange rate for the currency pair or "Last Trade Time" to see when the exchange rate was quoted.
- Formulas for Conversion: To convert multiple currencies simultaneously, you can use formulas such as SUMPRODUCT and SUMIF. The SUMPRODUCT function evaluates the SUMIF function for each row in the transactions table and returns a single rate value to multiply by each transaction amount.
- Updating Data: To ensure your exchange rate data is up to date, go to "Data" > "Refresh All" to get the latest exchange rate quotes. Note that currency information may be delayed.
By following these steps and adapting them to your specific currencies and data, you can efficiently convert multiple currencies at once in Excel.
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Applying the formula to a range of cells
To convert Australian dollars to US dollars in Excel, you can use a simple formula or function. This involves using the multiplication operator when converting from Australian dollars to US dollars.
Firstly, you need to download the exchange rates into an Excel workbook. Historical data for exchange rates can be found on the Federal Reserve Bank website. You can also use an external data source to provide updated rates.
Next, you need to enter the exchange rate between the Australian dollar and the US dollar into an empty cell. For example, if 1 AUD = 0.63998255 USD, enter 0.63998255 in cell C2.
Now, you can apply the formula to a range of cells. In the cells where you want to display the converted value, enter the formula: = [cell with the amount in AUD] * $ [cell with the exchange rate]$. For example, if you want to convert the values in B2:B10, enter the formula =B2:*$C$2 in cell D2 and drag the fill handle over the range of cells you want to convert (D2:D10).
This formula will convert the values in the range of cells from Australian dollars to US dollars, using the exchange rate you provided. You can also use the CHOOSE and VLOOKUP functions to extract exchange rates and perform conversions, especially if you are working with multiple currencies.
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Frequently asked questions
To convert Australian dollars to US dollars in Excel, you can use the CHOOSE function to extract the exchange rates. First, download the exchange rates into an Excel workbook. Then, enter the following formula into the cell, where C3 is the desired currency number and C4 is the desired date:
=CHOOSE(C3,VLOOKUP(C4,'FX Rate'!A:B,2,FALSE), VLOOKUP(C4,'FX Rate'!D:E,2,FALSE),...)
You can download historical exchange rate data from the Federal Reserve Bank and paste it into Excel with one set of columns per currency. Then, use lookup functions to retrieve the desired exchange rate for a specific time period.
If you work with different currencies in one Excel spreadsheet, you can change the currency symbol on specific cells without affecting the other cells. Simply format your numbers as "Currency" and you can easily use multiple currency symbols in the same Excel spreadsheet.
