How To Do Currency Conversion In Excel

Introduction

Understanding currency conversion in Excel is essential for businesses and individuals dealing with multiple currencies. Excel's built-in features allow users to perform currency calculations and conversions using up-to-date exchange rates.

While Excel requires manual function setup and data manipulation, Sourcetable's AI chatbot can instantly handle currency conversions and any other spreadsheet tasks through simple conversation. In this guide, we'll explore Excel's currency conversion methods and show how Sourcetable's AI-powered platform can help you effortlessly analyze financial data, generate visualizations, and perform complex calculations by simply asking questions.

How to Do Currency Conversion in Excel

Using Currency Data Types

Excel 365 users have exclusive access to the Currency Data Types feature, allowing for real-time exchange rate conversions. To use this, enter the currency pair using ISO codes in the format 'From Currency/To Currency' (e.g., 'USD/EUR') in a cell. This data can be utilized in formulas or calculations for financial analysis and reporting, enhancing decision-making with up-to-date monetary data.

Performing Conversions with Power Query

Power Query, accessible to all Excel users, provides a method for live currency conversion using real-time exchange rates. It's a powerful tool for managing and analyzing monetary data, enabling users to create financial reports with current currency information. Power Query's integration with Excel streamlines the process of currency conversion for efficient data management.

Step-by-Step Currency Conversion

To perform currency conversions in Excel for the web, use the free Currency Data Types feature. With live data, users can execute real-time currency conversions directly within Excel. Whether on PC or Mac, Excel 365 offers this feature for seamless currency exchange calculations. Data can be refreshed easily with 'Data > Refresh All', ensuring the most accurate and current financial information is used in your reports.

Excel vs Sourcetable: A Comparison

Excel and Sourcetable represent two different approaches to spreadsheet analysis. While Excel relies on manual functions and features, Sourcetable is an AI-powered spreadsheet that lets you perform complex data analysis through simple conversations. Whether you're analyzing small datasets or large databases, Sourcetable's AI chatbot handles the heavy lifting, letting you focus on insights rather than formulas. Try Sourcetable today at app.sourcetable.com to answer any spreadsheet question instantly.

Traditional vs AI-Powered Analysis

Excel requires manual formula creation and feature navigation, often involving complex functions and multiple steps. Sourcetable simplifies this process by letting you chat with an AI to analyze data, create visualizations, and generate insights through natural language commands.

Data Processing Capabilities

While Excel has size limitations and can slow down with large datasets, Sourcetable handles files of any size and connects directly to databases. Simply upload your data or connect your database, and tell the AI what analysis you need.

Workflow Efficiency

Excel workflows involve manual steps for data analysis and visualization. Sourcetable's AI chatbot automates these processes, generating sample data, creating charts, and performing complex analyses based on simple text instructions.

Conclusion

Excel provides multiple methods for currency conversion, from basic formulas to real-time data connections. Understanding these techniques helps you manage international financial data effectively.

While Excel's currency conversion features are powerful, modern tools like Sourcetable streamline the process further. Its AI-powered chatbot instantly answers spreadsheet questions and helps create conversion formulas.

For the easiest way to handle currency conversions and other spreadsheet tasks, try Sourcetable today.