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Does it take you forever to analyse your accounting data? This easy Excel trick will help make it easier and faster

by , 08 January 2015
Does it take you forever to analyse your accounting data? This easy Excel trick will help make it easier and faster

When you analyse your accounting data, you need to focus only on the information you need. This is difficult when you have rows and rows of accounting entries.

It can take ages to spot and pull out the figures you need.

What you need is a way to filter the data in seconds so you only get the information you need.

This will save you hours and make it easier to spot the patterns and trends you're looking for during your analysis.

To help you do that today I'm showing you an Excel trick that can do exactly that...

 

Use this Excel trick to easily filter your accounting data for analysis

 
Excel data filtering is the easiest way to sort your accounting data so it only displays the important information you need. 
 
You can use data filtering to select the desired information in a table. Unlike sorting, filtering a list doesn't reorganise the data. Filtering hides the records that don't meet your criteria.
 
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Here's what you have to do to filter a list with Excel AutoFilter tool

 
When you filter a data selection, you'll see a little arrow in the top right hand side of the selection. Simply, select any cell in the table and use one of the three following options to filter the data:
 
1. Press Ctrl + Shift + L;
2. Click Data => Filter; or
3. Click Home => Editing = > Sort & Filter.
 
You can use any of the three methods to filter your selected data. If you want to remove this option, just click on the option you selected again.
 
Once you've selected data to filter, click the arrow attached to it. This will open a dropdown list containing all the data in that column.
 
Once this is open, clear the fields you don't want to display after filtering. Excel selects all the options by default. The drop-down list can contain up to 10 000 entries. You can select the ones you want to show. For example, you might only want to select sales figures from November and December last year. 
 
Once set, any rows that don't meet the filter criteria will disappear. Excel hides these rows so it only displays the information you need. You can apply filters to other columns as well to make the information really specific.
 
If you want to remove the filter rule you applied in a column, but don't want to remove the other filters, select from the dropdown option 'Clear Filter From' and select the name of the column you want to remove the filter from.
 
By doing this, you can easily and quickly analyse the data you need because the filter shows you only what you want to see. 
 
For example, you can see how many sales above R1 000 you had in November and December. 
 
So don't waste time with accounting analysis anymore. Filter the data to make the whole process more effective. 
 
For more accounting Excel tips and tricks like this one, check out the Practical Guide to Excel.
 


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