In the absence of reliable accounting software, most finance professionals used to rely their calculations in Excel functions. This function executes the calculation using certain values in a particular order. There are plenty of Excel functions used widely to automate simple and complex processes, but we will elaborate on the use of ISERR Excel function for this article.
What is ISERR Excel Function?
The ISERR Excel function test if the value of a cell is an error, it will return TRUE if the value given is an error (except #N/A); otherwise, it will return false. This function is categorized under the information function and belongs to the IS faction, which includes ISERROR, IFERROR, and etc.
ISERR is used along with the IF function to ascertain possible error in a formula and show other formulas. It could also be used with the IF function to perform additional calculations if an error is found.
Since we are dealing with many data and formulas in our Spreadsheet, the possibility of encountering an error is very high. Definitely, our calculations will not work correctly given these scenarios. The ISERR function, coupled with the IF function, allows formulas to run and evaluate data accurately without user intervention.
How to Use ISERR Excel Function?
Here is the formula for ISERR function, and for better appreciation, let’s provide some illustration.
Formula = ISERR (value)
Value is the required argument or the value required to be tested.
IF and ISERR Excel Function Combined
The ISERR Excel function is a useful tool in identifying error values in a given set of data. It provides a simple and straightforward result by returning TRUE/FALSE values. However, a customized error message may be provided for more clarity to the end-user. Thus, we can utilize the IF and ISERR function for this purpose.
IF function evaluates data, formula, or expression based on a given criterion. Depending on the test result, it executes a particular course of action otherwise, it will take an alternative course of action (Value if TRUE or Value if FALSE). The IF and ISERR function combined will provide a more explicit error message.
Conclusion: ISERR Function is a helpful tool that can be combined with other function
Financial models must be free from any logical error; thus, evaluating and testing our model using ISERR function is extremely recommended. The ISERR function is best used along with other Excel functions to ensure that no error will be identified.