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Named ranges can be a great boon when you are writing formulas. For instance, if you assign the name TaxRate to cell A7, you can then use the name TaxRate in your formulas instead of A7. This makes your formulas (and their purpose) easier to understand when you are later working with them.
This approach is great if you have not yet created any formulas. What if you already have a bunch of formulas in your worksheet, and they already reference cell A7 instead of TaxRate? You could, of course, select each formula and edit them to refer to TaxRate instead of A7, but that could be a long process that is prone to mistakes. (My fat fingers often introduce mistakes that I never intended. :>))
The solution is to allow Excel to do the editing for you. It is easy to do; just follow these steps:
Figure 1. The Apply Names dialog box.
That's it; Excel examines your formulas and any reference to cell A7 is replaced with the name of A7, TaxRate.
ExcelTips is your source for cost-effective Microsoft Excel training. This tip (8266) applies to MS Excel versions: 2007 | 2010
You can find a version of this tip for the older menu interface of Excel here: Applying Range Names to Formulas.
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