In this workout, I want to change B7, the pound dollar exchange rate into a named cell and I wanna call it FX for foreign exchange rate. I'm going to do this using the name manager dialogue box. So I'll start off by clicking on the cell I want to name, which is B7. I then go up to the formula ribbon and I click on name manager.

That opens the name manager dialogue box, and this large white area is where you will see any existing named cells in your workbook. At the moment we've got none. I want to create a new one. So I click on new and a second dialogue box appears. Excel has given a suggestion for the name of the cell. It's picked up the cell to the left-hand side and just replaced any characters it doesn't like with an underscore. It's pretty good, but I want to call this fx, so I'll delete that out and type in fx.

Under that it asks what is the scope of this new name. Do I want it to apply just to a particular sheet or to the entire workbook? I want workbook at the bottom. It says where this refers to. So preparation, because I'm in the preparation sheet and then cell B7.

You might notice it is put dollar signs before the B and before the 7.. That means it's going to fix onto B7 and B7 only. Great. I press okay and I can see that this named cell has now appeared in the white area.

Let's press close and see that that is working.

If I click into sell C2, I now want to work out the dollar value of those salaries. So equals I click on the salaries in B2 and I now want to multiply by the exchange rate in B7. If I click on B7, I can see that FX appears. So that is the name we've just given it. Alternatively, I could type in FX and that named cell is being picked up. If I would now like to change the name, maybe I made a mistake or there's a more suitable name that I thought of, I go back up to the formulas ribbon, click on name manager, the name cell is selected and I then click on edit. I'll change the name to what I want. So let's Say I, I would like to call that FX rate. Click. Okay, and that has now been applied. Click okay again to close. And we can see that the formula in cell C2 has now been updated to pick up the name FX rate. Lastly, if you create a name and you don't want it, maybe it was a mistake. So I went and called, let's say cell A one in the name box I called it costs. I go up to the formula ribbon to name manager.

The name costs is selected. That's what I wanna get rid of. So I click on delete and okay.

However, be careful if lots of cells are linking to that, then those cells will create an error when the name is deleted. So just take care that you are not deleting a name that's been used throughout your sheet.