CFI-Excel-eBook

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The Corporate Finance Institute ExcelInformationERROR.TYPETest for a specific error valueerror_valWhat is the ERROR.TYPE Function?The ERROR.TYPE Function is categorized as an Information function. Thefunction returns a number that corresponds to a specific error value. If there isno error, it will return #N/A.While doing financial analysis, we can use this to test a specific error value.Also, we can use ERROR.TYPE to display a customized error message. This canbe done using the IF function. The IF function can be used to test for an errorvalue and return a text string, such as a message, instead of the error value.Formula=ERROR.TYPE(error_val)Where:Error_value (required argument) – It is the error value for whom we wish tofind the identifying number. Though error_val can be the actual error value, itwill usually be a reference to a cell containing a formula that we want to test.The numbers provided by Excel:If error_val isERROR.TYPE returns#NULL! 1#DIV/0! 2#VALUE! 3#REF! 4#NAME? 5#NUM! 6#N/A 7#N/A 8Anything else#N/Acorporatefinanceinstitute.com88
The Corporate Finance Institute ExcelHow to use the ERROR.TYPE Function in Excel?Let’s see a few examples to understand how the ERROR.TYPE function works.ExampleSuppose we wish to display customized messages for certain errors:Now we wish to input a customized message. What we want is that thisformula should check the given cell reference, i.e. cell A2, to see whether thecell contains either the #NULL! error value or the #DIV/0! error value.If errors are found, the number for the error value is used in the CHOOSEworksheet function to display one of two messages; otherwise, the #N/A errorvalue is returned.The formula to use is:=IF(ERROR.TYPE(A2)<3,CHOOSE(ERROR.TYPE(A4),”Ranges do notintersect”,”The divisor is zero”))We get the result below:Click here to download the sample Excel filecorporatefinanceinstitute.com89
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