Using Named Formulas or Constants

Summary: An easy way to create a name for a formula or constant value. The name can then be used in other formulas or for referencing purposes. (This tip works with Microsoft Excel 97, Excel 2000, Excel 2002, and Excel 2003.)

Besides allowing you to define a name that refers to a cell or cell range, Excel allows you to define names that refer to formulas or constant values. For instance, suppose you have a constant you will be using in your worksheet quite a bit--the standard commission rate for staff sales people, which is 8.5%. To define a name for this constant, follow these steps:

Select the Name option from the Insert menu and choose Define from the submenu. Excel displays the Define Name dialog box. (Click here to see a related figure.)
In the Names in Workbook field, enter the name you want to use for the formula or constant.
Change the Refers To field, at the bottom of the dialog box, so it contains the desired formula. In this example, you would change it to =8.5%.
Click on Add. Your name is now defined.
Click on OK to close the Define Name dialog box.

The constant is now available for use in your worksheet. You can then use it in formulas just as you would any other defined name.

ExcelTips is your source for cost-effective Microsoft Excel training. This tip (2659) applies to Microsoft Excel versions: 97 | 2000 | 2002 | 2003

Step Up and Take Control! Subscribers to ExcelTips know just how valuable a resource it is. ExcelTips Premium provides twice the number of exceptional, easy-to-understand tips every week in an ad-free newsletter, as well as substantial discounts on ExcelTips archives and e-books.

Check out ExcelTips Premium today!