What Is DOLLARFR Function in Google Sheets?
The DOLLARFR function in Google Sheets converts a dollar value in decimals into a fractional dollar amount. It is helpful in financial contexts where we must express the prices as fractions. e.g., stock prices. For example. We have a dollar value of 100.25. It means 100 dollars and 25 cents. As this function is designed to convert decimal values to fractional dollar amounts, we use the function as follows.
=DOLLARFR(100.25,32)
The above formula would convert 100.25 to 1/32nd of a function. This function is very useful in finance for converting the prices on certain securities exchanges where fractional increments are used. They also help with managing budgets and tracking investments.
Key Takeaways
- We use DOLLARFR in Google Sheets to convert decimal numbers into a dollar and fraction format.
- It’s useful in financial calculations where there are fractional dollar values, and we should convert them into decimal equivalents.
- The syntax of the function is: =DOLLARFR(decimal, fraction).
- Here, decimal is the number you want to convert.
- Fraction is the denominator of the fraction we wish to use.
- One of its biggest uses is that it enhances the readability of the displayed monetary values in financial reports.
- DOLLARFR is a very important for those working with financial data in Google Sheets.
Syntax
The function is simple with two mandatory arguments. Here’s how it works:
=DOLLARFR(decimal_dollar, fraction)
- decimal_dollar: The decimal value you wish to convert.
- fraction: The integer to use in the denominator of the fraction (e.g., 8 for 1/8, 16 for 1/16).
For instance, to convert 50.75 into a number read as 1 and 1/16, we use =DOLLARFR(50.75, 16)
How To Use DOLLARFR Function in Google Sheets?
Now that we have a good introduction to the basics and syntax of the DOLLARFR function, let’s get ready to use DOLLARFR in Google Sheets. We can use it in two ways.
- Manually enter DOLLARFR
- Enter DOLLARFR through the Menu Bar
Manually Enter DOLLARFR
Now, let us go ahead and enter DOLLARFR in Google Sheets manually.
Step 1: Open Google Sheets and create a new spreadsheet or open an existing sheet.
We may need two columns. One is for the original decimal values, here it’s Column A. In Column B, let us calculate the fractional values.
Input some decimal numbers into the first column.
Step 2: Go to cell B1 where we want the fractional dollar result.
Type =DOLLARFR(.
Step 3: Enter the reference of the number you wish to convert. Here, it is A1. After that, enter the fraction unit you want to use. Here, we are working with quarters, hence we type four. Close the braces.
=DOLLARFR(A1, 4).
Step 4: Press Enter. And voila! We have just converted a decimal value to a fractional dollar amount.
Step 5: Now, drag the formula for the other values to convert them to a decimal dollar value as well.
Access From the Google Menu Bar
- Choose the cell where you wish to enter the XIRR function.
- Go to the “Insert” tab -> “Function” -> “Financial” -> “DOLLARFR.”
- Enter the required arguments within the parentheses and press Enter to get the result.
Examples
Summarizing what we have learned in the sections above, we can say that the DOLLARFR function is excellent for converting decimal values into fractional dollar amounts. It makes working with financial data extremely easy. Let us look at some examples below for a deep dive into the same.
Example #1
Here, we have some decimal prices which we convert to a fractional value with different units. Let us see how we can go ahead with the conversion.
Step 1: We have entered the different decimal values in Column A as shown below. Let us now enter the fractional values in column B.
Step 2: Enter the following formula in C2.
=DOLLARFR(A2, B2).
Here, we have the decimal value of 100.625 and must convert it to a fraction with a unit of 16. (1/16th increment).
Press Enter. The result in cell B1 will be 100.625 converted to a fraction with a unit of 16.
Step 3: Let us now convert 90.125 to a fraction with a unit of 8.
We enter =DOLLARFR(A3,B3). Press Enter.
Step 4: Finally, we try to convert 110.04125 to a fraction with a unit of 32. Just drag the formula from C2 to C3 and observe the result.
Example #2 – Converting Decimal Prices to Fractions
In this example, we are looking at a financial report in money represented as decimals. We wish to convert these amounts in decimal into a fractional dollar format. To convert this, we must use the DOLLARFR function as shown below.
Step 1: Cell A2 the decimal amount you want to convert.
100 is the denominator that represents the fraction of a dollar (i.e., cents). Enter the following formula in cell B2.
=DOLLARFR(A2,100). Press Enter.
When you apply the DOLLARFR formula to the Financial Data table’s cell A2, the output would look like this:
Step 2: Now, drag the formula to the remaining values as well and observe the result. We use DOLLARFR because it simplifies the representation of monetary values, making it easier to interpret financial data.
Example #3 – Formatting Currency in Reports
As we know, DOLLARFR in Google Sheets converts a fractional amount into a dollar value. In this example, we have five currencies: USD, EUR, JPY, AUD, and CAD.
Step 1: In the table, we enter the following fractional values (representing dollars and cents).
Step 2: For each currency, we will apply the DOLLARFR function using the denominator (100).
Next, enter the following formula in C2.
=DOLLARFR(B2,100). Press Enter.
Once you apply DOLLARFR, the output will show fractional dollar values.
Step 2: To display the result as currency, we may choose to format the cells as currency and also add a currency symbol if needed.
The DOLLARFR function helps you convert fractional values into a formatted currency for reporting.
Step 3: Apply the formula to the other cells as well from C2 to C6 and observe the result.
Format them accordingly with symbols for each currency (USD, EUR, etc.).
Important Things to Note
- If the second argument representing the fraction is not an integer, it is truncated.
- When the second argument is less than zero, we get the #NUM error.
- If the second argument is 0, the function returns the #DIV/0! Error value.
- Ensure all the cells where you get the results are formatted correctly to display fractional results.
- Double-check the fraction unit as it is more prone to errors from users.
Frequently Asked Questions (FAQs)
Some of the practical uses of DOLLARFR include:
1. It is used in stock calculations where the stock prices are often priced in fractions. Converting the values using DOLLARFR helps track investments and understand market trends.
2. Used in real estate for transactions that involve fractional dollar amounts when applying to mortgages or property values.
3. When using calculations for interest rates expressed as decimals, we can use DOLLARFR to express them in a more familiar fractional format.
4. It is also very useful in currency conversion.
Some of the common mistakes include:
1. The decimal_dollar parameter (first parameter) should be a number or a cell reference containing a number. If non-numeric values are used, we get an error.
2. The decimal_dollar parameter cannot be a negative value to avoid errors.
3. The fraction parameter (second parameter) should be an integer. If a non-numeric value is provided, the formula returns an error.
4. The fraction parameter should not be zero.
5. Sometimes the fractional result might not display as expected due to cell formatting.
Some functions related to DOLLARFR include:
1. DOLLAR: This function converts a number to text which is formatted as currency. This helps display all the monetary values standardized way. Unlike DOLLARFR, it has one mandatory and one optional argument. Its syntax is =DOLLAR(value, [decimals]).
2. DOLLARDE: It converts a price given as a fraction into a decimal price. It returns a dollar value and is commonly used in financial calculations. Its syntax is = DOLLARDE(fractional_dollar, fraction)
Download Template
This article must help understand DOLLARFR Function in Google Sheets with its formulas and examples. You can download the template here to use it instantly.
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