Excel Solver add-in for Currency - A great way to resolve foreign currency issues

Excel has many good and important features; currency calculation is one among them. There would be instances where an individual would wish to convert dollars to Indian rupee or yen to a pound etc. For which excel has a provision where the exchange rates are taken from the net by itself and the currency is calculated as per the instructions given.

This feature helps in many financial problems and it is used mainly by financial institutions, loan vendors, credit agencies etc where they would be dealing with day to day financial transactions and lots of loans, deposits etc. There are formulas for different calculations, it all depends on the particular conversion you want or calculation required.

There are few steps to be followed to use the currency calculation method in excel. Solver is a set of commands. Using solver you can find the value in one cell using the formula which is the target cell. Solver works with a group of cells. By using solver, we can assess the value of one cell by changing the value of the other cells. For instance, we can key in the capital investment of a company and the returns i.e. the profit of the company in two different cells and calculate a formula or currency solver should be used to interlink both the cells. Then when the capital investment is changed automatically the profit also changes.

Difficulty: Medium

[UInstructions:[U]
Things Required: A computer with a software MS office loaded

1. Start Microsoft Excel. Usually the Solver software will not be installed, so you need to get it installed.
2. Go to tools , click on add ins select solver add in. The solver gets installed,
3. Now click on Tools, solver, you get a small grey screen named solver parameters i.e., select the options there, we need to set the target cell and the subject to constraints if any, and then click on solve.
4. Next you will get the reply stating that it found a solution or there was no solution for it.
5. If you are able to get the answer as found a solution ,then your calculation and your formula calculation is accurate, if not then you have to rework on the calculation of your formula , target cell and subject to constraints if any and again repeat the same process for the solver to work accurately.

This option can be used for any financial calculations , for example, calculation of home loan emi and interest every month, savings for children education, retirement fund to be accumulated by monthly savings, Marriage loan calculation i.e cash in hand budget, loans to be made, repayment mode of loan by paying principal plus interest etc.

If in case you find any problem, you can always refer to the help column at the right hand side of the excel, solver presents a series of reports. The answer , hints , clues to the formula placed in the cells.

Of course Solver can help us to plan our financial transactions professionally and make sure things are planned well ahead in advance and things work out in well expected organized manner.

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