Have you ever used the VLOOKUP formula with the approximate match in Excel? By using this formula, you’re able to extract the correct trade discount percentage based on the quantity of a specific item purchased. In this tip, we demonstrate how to set this up.
If TRUE or 1 is specified in the Range_lookup argument text box, an exact or approximate match is returned. If an exact match is not found, the next largest value that is less than lookup_value is returned. The Range_lookup argument text box can also be left blank.
The values in the first column of table_array must be placed in ascending sort order, otherwise VLOOKUP may not give the correct value.
This tip will be based on the above screenshot:
1. Select cell D3.
2. Select the Formulas tab—Lookup and Reference-Vlookup.
3. Select as below:
4. The original Table_array is G2:H8. Dollar signs have been added to the data range to make it absolute—hence we have $G$2:$H$8.
5. Select OK and copy the formula down.
6. To calculate the Total Sales:
a. Select cell E3 and enter the formula: =(A3*C3)-(D3*(A3*C3))
b. Copy the formula down
7. The final result will be as below:
This is a quick and easy way of using a VLOOKUP formula to extract the correct trade discount percentage based on the quantity of a specific item purchased.