EXCEL ENVIRONMENT

1 EXCEL: EDIT DIRECTLY IN CELL

It is preferable to edit formulae in the formula bar rather than within each cell.

Excel 2003: Tools Options Edit Un-tick Edit directly in cell

Excel 2007: Office Button Excel Options Advanced Un-tick Allow editing directly in cells

Excel 2010: File tab Excel Options Advanced Un-tick Allow editing directly in cells

2 EXCEL: MOVE SELECTION AFTER ENTER

The default setting is fine for data entry, however modellers should review formulae they have written and will often copy it
across a time series.

Excel 2003: Tools Options Edit Un-tick Move selection after Enter

Excel 2007: Office Button Excel Options Advanced Un-tick After pressing Enter, move selection

Excel 2010: File tab Excel Options Advanced Un-tick After pressing Enter, move selection

3 EXCEL: MACRO SECURITY

It is important to be informed when opening a workbook containing macros. However, as many models make appropriate use
of macros it is unhelpful to block macro use completely. Therefore medium macro security is the recommended setting.

Excel 2003: Tools Macro Security Select Medium

In Excel 2007, the equivalent to the Excel 2003 Medium setting is selected by default, but many Macro options and tools are
also hidden by default which may hinder productivity; enabling the Developer tab un-hides these options.

Excel 2007: Office Button Excel Options Popular Tick Show the Developer tab in the Ribbon

Excel 2010: File tab Excel options Customize the ribbon Tick Developer tab

4 EXCEL: ANALYSIS TOOLPAK

A number of important functions are non-standard in Excel 2003 and only work if the Analysis ToolPak add-in is installed,
Excel 2007 has the ToolPak integrated into the default function library so the following does not apply to Excel 2007.

It is always possible to tell if you are constructing a formula containing an ATP function as no in-line function help is provided by
Excel 2003 as the formula is typed. Where a user attempts to open a model containing ATP functions, but does not have the ATP
add-in selected, ATP functions will return #NAME instead of a the desired value. ATP functions, unlike standard functions, do not
automatically translate when opened in another language version of Excel and require manual search and replace translation.

Excel 2003: Tools Add-Ins Tick Analysis ToolPak

Note: This may require original MS Office installation disc.

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 EXCEL ENVIRONMENT

5 EXCEL: MENU / RIBBON CONFIGURATION

The default setting in Excel 2003 is to show a short menu, and expand the menu after a short pause.
This is not appropriate for the needs of financial modellers.

Excel 2003: Tools Customise Options Tick Always show full menus

By contrast, Excel 2007 clutters the user interface with the Office Ribbon, which consumes valuable screen real estate.
It is preferable to hide the ribbon from view and have it pop back when menu keystrokes are used.

Excel 2007 / 2010: Ctrl + F1

6 EXCEL: CALCULATION MODE

Generally Manual calculation model is preferred to automatic. This is to allow modellers to maintain control over when a mod-
el calculatesgenerally wishing to be looking at something of interest (i.e. an output) to see the impact of the recalculation.

Excel 2003: Tools Options Calculation Select Manual

Excel 2007: Office Button Excel Options Formulas Select Manual

Excel 2010: File tab Excel Options Formulas Select Manual

Note: Though the setting affects the entire environment, and not a setting specific to individual workbooks, the setting is
stored in each individual workbook you save. The setting Excel then chooses for its initial position during any instance of an
Excel environment is the setting defined in the first workbook loaded by that instance.

7 WINDOWS EXPLORER: FILE EXTENSIONS

This issue is particularly important with the advent of Excel 2007, which supports four different types of Excel document, all
with remarkably similar file icon. It is important for a modeller to know exactly what type of file they are contending with.

Windows XP: Tools Folder Options View Untick Hide extensions for known file types

8 Windows Explorer: Details view

The default Windows Explorer icons view offers little specific file information. Details view provides information on file
size, type and crucially, it displays the Date Modified date and time information.

Windows XP: View Details

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