Speaker 1: Hello good people and welcome to Finance Skills Hub here. We learn, we connect, and we grow. In this short video, we are going to post the solution to our earlier challenge on how to use absolute, missed, and relative reference to speed up your calculation. Our goal in this video is to fill up an annual budget in less than five minutes using these tricks. So if you missed the earlier video, you can watch it using the link above. Follow the solution and have a complete set to practice with. Please join me in Excel and let's go through this. So this was our challenge. We have this annual budget template. Our goal is to use the assumptions in the first month, which is January, and then project for each month all the way to December. And when we are done, we put in our annual totals. So we have revenue, cost of goods sold, and expenses down here. Now, if you look at this carefully, you realize that there's a certain pattern to the calculation. So example, if I take the first month, January, I'm going to project February's numbers using this rate. And then I will use March to also do the same on February. Now, if I do this, you realize that the calculation for February will be the same as the calculation for May, August, and November in terms of layout. Because these columns I've selected are the second month in each, okay, in each quarter. So the idea is, if I'm able to determine the pattern for the first row, and I calculate for the first row, I'm able to now copy down all the rest of the cells down. Okay, so that's the trick we are going to use. We calculate the first row, and then we copy down. But in calculating for the first row, what we need to do is to make sure we hold this rate, which is our quarterly inflation rates, such that if we copy down, it doesn't move down with us. And we learned that you can use the dollar sign to lock that row, so it doesn't go down. So armed with this trick, what we are going to do is to calculate just the first row, and then we copy down and we are done. So my five minutes starts from now, but I'll be talking slowly so that we are able to follow along, even though I aim to be done in five minutes. So the first calculation is going to be equal to the January sales or revenue. I open my bracket one plus, and then I take my rate here. So I'm going to lock the row, so F4, F4, a dollar sign against row 10. And I close my bracket, I get a calculation for February. For March, I take February, multiply it by one plus, and then I go take the same quarters rates, F4, F4, and then I get this. So I have the first quarter. Now standing in the first quarter, I will just press alt equal to, to give me a sum for these three. When I come to April, I do equal to March, and then I multiply by open brackets, one plus the rate for the second quarter, F4, F4, and then enter. Essentially, these are all the calculations I need to do because April will be the same as July. July will be the same as October and so on. So with this, what I'm going to do is now take the calculation I did for February and March, and even add the subtotal here. So control C, and I come to May, June, and then I'll paste. Control alt V, F for formless, and I have something like this. I now have a full set. So I'm going to take April, May, June, and second quarter. Control C to copy, stand in July, control alt V, F, paste this. October, control alt V, F. Control alt V is just paste special, F is paste formless, and then enter, and I have that. So I'm done for the first row, and I'm now in my annual total. Because I've been consistent, what I'm going to do is I'm going to stand here, okay, and then press alt equal to. Alt equal to, Excel is smart enough to know that I expect the quarterly totals. So I have something like this. So my first row is done, and then now I'm supposed to copy. So I'll just take this, control C, highlights this side, which is the revenue too. Hold control, select this side, hold control, select the expense side, all the way down here. Okay, control alt V, F for formless, and then I press enter. So I'm now done with my real calculations. Now the subtotals, I'll highlight the whole of this. Alt equal to, highlight the whole of cost of goods sold, alt equal to. My gross profit, I'll highlight the whole of this. Equal to my gross revenue minus cost of goods sold. Control enter, because I've selected a bunch of cells. And then finally, I'll come down here, highlight this, alt equal to, and I have that. My final net profits, I'm going to highlight the whole of this, do an equal to, and then I'll take my gross profits minus my total expense, control enter. Now I have my 500,000. I'm sure I was able to do this in five minutes, even though I was talking through. The idea is that if you have calculations you are supposed to do, just understand the layout, pick a pattern, decide which row or column should not move as you copy and paste your formulas. And for a layout like this, you should be able to get it done in under five minutes. As usual, if you want to practice, you can access the workbook and solution in this folder. I'm going to share it. So take your time, go through. If you have any questions, you can send it to this email and we can learn together. So thank you for watching. For more of these short videos, you can send ad to our WhatsApp number. We'll add you to our broadcast list. We receive videos on Mondays and Fridays directly on your phone. All our old videos are on our YouTube channel, Finest Cursor. Please visit and subscribe for notification of new videos or connect with us on any of these social media handles. Thank you so much for watching.