You were hired as a financial data analyst at a construction company. You were given a table and subsequent instructions on what to do with the data.The table is about vehicle purchase requests from the company’s branches. It includes all cash inflows that can be brought by those assets.
*All paragraphs underlined and in italics are the instructions from your boss.
Action: Change the Data Format in Excel
First, your boss wants the raw data to be readable.
You can notice that the cash flows are hard to read because they don’t have any comma or dots that separate the numbers. This problem will be magnified if we are all ready to perform more calculations.
To solve this, we have to change the format of the cash flows into the Number format. Here’s how to do this:
Step 1: Select the values whose format is to be changed.
Raw Data Format
Step 2: At the center of the Home Tab, you should find a drop-down which lists different kinds of formats.
Different Data Formats
Step 3: You can choose either Number or Currency. If you choose a number, the data will change into a comma-dot format. If you choose Currency, the data will have a currency sign aside from changing into the comma-dot form. Assuming you have chosen a currency, it will look like this:
Step 4: If you want to change the currency, just click on the arrow like the one shown below:
Step 5: Under Number, choose Currency. You will be able to find a drop-down named Symbol. From there you can choose the currency you want.
What have you noticed? Don’t you think the data is hard to read because of the currency? The currency is not so important at all so let’s use the Number format.
Suggested: Read more about excel for finance
Step 6: Use the Number format so that it’s more readable. The data should now look like this:
After Number Format
I hope this short guide helps you figure out how to change the data format in excel. If you learned something new today then do share this article who are struggling to find a solution to change the data format in excel. If you have any doubts leave a comment below and I'd be happy to answer your query.