For any type of financial data, first we need to create an Excel spreadsheet to display or analyze data. Setting up an Excel spreadsheet is not difficult. In this tutorial, we would learn how to set up an Excel spreadsheet easily.
Reasons to set up an Excel spreadsheet
If the Excel is properly formatted, we could easily utilize many new layouts, formulas, and search functions throughout the spreadsheet for different purposes. Otherwise, it's not possible to do. That's why, the specific setup of spreadsheet is always extremely important.
Steps to set up an Excel spreadsheet
Before setting up an Excel worksheet, we must have to figure out label, identifier, and
value for proper formatting of the Excel worksheet and then we have to put all of them to the worksheet. Labeled data is placed as column headers, identifier information is placed within the fist column beneath its corresponding label and finally the values are then listed according to the label and identifier. [Note: For details about label, identifier and value, please read Common concepts to format any spreadsheet data].
For this tutorial, we use the following table as an example. In this table, there are some students quiz numbers with there names.
Step 1: Formatting Labels
Open a new Excel document and define all the labels. In this tutorial, Student ID, Student Name, Quiz 1, Quiz 2 and Quiz 3 are the labels. All these labels will allow us to know what information is being presented. So, we put the labels like the Excel spreadsheet.
Step 2: Formatting Identifier
After label mapping is completed, now need to define the Identifier. Identifiers are unique pieces of information which allows quick identification of value. In this example, the student ID would be the optimal identifier, as there may be two individuals with the same name.
Step 3: Formatting Values
We already completed the labels and identifiers for our financial data. Now, we need to add the values for those identifiers according to the labels and these values are the child data to the identifying student ID parent. Since the parent is student ID, the child values will be the individual student's names, and their quizzes marks.
And that’s all. Thus for any financial data at first we have to create a layout like the above for several reporting, graphing and summarizing data. Without the concept of Labels, Identifiers and Values, it is not possible to do any analysis type of work or graph related wok.
Tips and tricks
At the time of formatting data into an Excel spreadsheet, always try to split your data into the smallest piece possible.