How to Create a Formula in Excel Using External and Internal Worksheet References

Have you ever wondered how to create a formula in Excel that subtracts values from different worksheets in different workbooks? Let's explore how to do this using external and internal references!

Creating a Formula with External and Internal References

When working with Excel, you might need to reference data from multiple worksheets or workbooks to perform calculations. By using a combination of external and internal references, you can easily subtract values from different sources.

To create a formula that subtracts a value from one worksheet in a different workbook, you need to include both external and internal references in your formula. Let's break down the process:

Step-by-Step Guide:

1. Open both workbooks: Make sure both the workbook containing the sheet where you want to place the formula and the workbook containing the target data are open or located in the same directory.

2. Select the cell: In the cell where you want the result to appear (in this case, cell B7), start entering your formula.

3. Write the formula: Use the following format to reference cells from different worksheets in different workbooks:

=('[WorkbookName.xlsx]SheetName'!CellReference - '[WorkbookName.xlsx]SheetName'!CellReference)

4. Enter the formula: In this specific case, the formula would look like this:

=('[PB Financials.xlsx]Income Statement'!B5 - '[PB Expenses.xlsx]Expenses'!B9)

5. Close the formula: Press Enter to finalize the formula and see the result in the selected cell.

By following these steps, you can easily create formulas in Excel that reference data from different worksheets and workbooks. This can be particularly useful for financial calculations, analysis, and data organization.