CFI-Excel-eBook

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The Corporate Finance Institute ExcelExample 2The most common use of IFERROR function is with VLOOKUP function, where itis used to inform users that the value they are looking out for is not there.Suppose we operate a restaurant and maintain an inventory of a fewvegetables and fruits. Now we compare it with the list of items we wantaccording to the day’s menu. The results look like this:Instead of the #N/A error message, we can input a customized message. It willlook better when we are using a long list.The formula to use will be:We will get the result below:corporatefinanceinstitute.com108
The Corporate Finance Institute ExcelSuppose we are given monthly sales data for the first quarter. We create threeworksheets – Jan, Feb, March.Now we wish to find out the sales figures of certain order ids. As data would bederived by VLOOKUP from three sheets, using IFERROR, we can use thefollowing formula:=IFERROR(VLOOKUP(A2,’JAN’!A2:B5,2,0),IFERROR(VLOOKUP(A2,’FEB’!A2:B5,2,0),IFERROR(VLOOKUP(A2,’MAR’!A2:B5,2,0),”not found”)))corporatefinanceinstitute.com109
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