![]() They make your formulas neat and tidy, easier to read and follow. In general, named ranges just make your life easier as a modeller. This is particularly useful in charts (but not for the faint-hearted!) If you need a range of data that will automatically expand or contract (and a structured reference table won’t do the trick) then you can create a dynamic named range by including an OFFSET function within the name manager. This means that when the source file changes, the data linking to it will automatically update. ![]() ![]() It’s best practice to use named ranges when linking to external files. You can also use ranges in writing visual basic code. By default, a named range is an absolute reference, so you don’t need to add any in. For example, the formula =SUM(B3:B24)-SUM(F3:F13) could be expressed as =TotalIncome-TotalExpenditure. But if the cell references are replaced by a range name it becomes much easier to understand. A formula containing lots of cell references can be confusing to look at and difficult to edit. It makes your formulas easier to follow.It’s true that most of the time named ranges are not entirely necessary, but there are some good reasons to use named ranges when building a model: ![]() Those new to named ranges sometimes struggle to see the benefits of including them in financial models.
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