Excel can convert currency given the right tools. While there are dozens of currency conversion websites or other conversion tools that you can use online or purchase, they work best for looking up one currency transaction at a time. If, on the other hand, you need a table of multiple transactions or currencies for multiple countries, you can use Excel to accomplish this task with the Excel Add-In called EUROTOOL.XLAM.
Note that to keep up with currency fluctuations, your usage with Excel should include an Internet connection, so you can receive updates. We’ve provided a worksheet for you to practice using the currency conversion techniques in this story:
Install / Load the Euro Currency tool
If you try to use this function and receive an error, you must first install and load this tool.
1. Select File > Options > Add-Ins
2. Scroll down to the Add-In called EUROTOOL.XLAM
3. Click to select it, then click OK.
4. The syntax for this command is: =EUROCONVERT(number,source,target,full_precision,triangulation_precision).
5. To locate, select Formulas (tab) > Insert Function (button in the Function Library group). In the Insert Function dialog window, click the down arrow beside the Or select a category field box, then scroll down and select EUROCONVERT.
6. Click OK and the Function Arguments dialog opens.
7. All of the arguments shown here (number,source,target,full precision,triangulation precision) in this command are required and defined as follows:
a. Number: This is the currency value you want to convert (can also be a cell address for the location of this value).
b. Source: This is the three-letter ISO code for the source currency; e.g., Spain equals ESP. This can also be a cell address for the location of this code.
c. Target: This is the three-letter ISO code for the target currency; e.g., France equals FRF. This can also be a cell address for the location of this code.
d. Full Precision: Either TRUE or FALSE. True means all significant digits (from the calculation) are displayed. False means the result is shown with the currency-specific rounding rules applied; that is, the rules that determine how the results are rounded—up or down to the nearest cent; to the nearest unit or sub-unit; or to a multiple or fraction of the unit or sub-unit. Note that for a result that is exactly halfway, the sum is rounded up. False is the default if the Full Precision argument is omitted. In other words, if you don’t enter anything (true or false), Excel assumes the answer is FALSE.
e. Triangular Precision: Excel store 15 significant digits of precision. In some situations, this can be a problem. For this argument, you can set the number of digits equal to or greater than 3. Confused? See examples in screenshot images.
8. Enter the appropriate arguments, then click OK.
NOTE: The EUROCONVERT function in Excel does not convert United States dollars, just the following countries to and from one another: Euros, Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.
I have no idea why Microsoft would create a function that does not include the United States! However, there is a workaround.
1. Copy or download the EUROCONVERT table from the Internet and paste it into your spreadsheet, or download this spreadsheet and use ours.
2. Because the EUROCONVERT function won’t convert dollars, the work-around is to select a cell at the top of the spreadsheet (e.g., C2) and enter the current conversion rate for one Euro that equals one dollar (that is, $1.14).
3. Next, use the EUROCONVERT function to convert 90 Euros to dollars ($102.60). To do that, enter this formula in cell D20: =SUM(C20*$C$2). C2 is the cell that contains the dollar amount for one Euro (that is, $1.14). See spreadsheet or figure 03.
4. In D21, enter this formula: =EUROCONVERT(C21,$D$17,D8,FALSE,10) where C21 is the location of the number of Euros you want converted; $D$17 is the location of the Euro code; D8 is the location of the code for French Francs; FALSE is the Full Precision code for specific rounding rules applied; and 10 is Triangular Precision (a safe number for the significant digits of precision).
5. In summary, 90 Euros equals $102.60 dollars, and 90 Euros equals 590.36 Francs; so $102.60 equals 590.36 Francs.