V look up

New Contributor
  • Can someone point me in the direction of learning v look ups for financial statement reconciliations 
3 Replies

@Reprhi123 

VLOOKUP is VLOOKUP, whether applied to financial statements or other types of data. 

Here's a good reference for VLOOKUP, as well as other Excel functions.

 

Could you spell out a bit more what you would be looking for in order to reconcile said financial statements? There are other LOOKUP methods (other, that is, than VLOOKUP) and some of them might be more suited.

 

What kind of financial statements? How would you use some form of lookup--regardless of the specific method within Excel--to assist in reconciliations?

 

The reason more definition is needed: if we're talking of reconciling a checking account with all checks written, deposits made...that might involve one kind of lookup. But if it's a corporate balance sheet or some other cash flow statement, that would be altogether different.

@mathetes 

reconciling two sets of data

1. supplier statement

2. purchase ledger data

 

It could be 10 lines it could be 200/300 lines, sometimes the invoice number are pre formatted to remove prefix of letters on supplier statement 

 

Date     Invoice Number     Value

 

 

currently I use conditional formatting duplicate values against invoice number column & value to check for exact matches I then physically check any none matches. I just wondered if V look up would make it easier or any other suggestions? 

 

 

Is it possible for you to post copies of the spreadsheet(s) you're working with. Put them on OneDrive or GoogleDrive (or some comparable cloud service) and give us a link here.

Since you're using conditional formatting, you must already be using some form of matching...

Anyway, if you could grant access to an actual example, that would help us help you.