Have you ever found yourself needing to convert costs or revenue from one currency to another while working in Google Sheets? Well, it’s simpler than you might think! Google Sheets offers a special function for currency conversion. Let’s delve into how it works.
Pre-Setup
Before we dive into the formulas, it’s essential to understand that there are two main options, both quite similar. The formula we’ll be focusing on is =GOOGLEFINANCE. This formula is powerful, allowing various functionalities, but for our purposes, we’ll utilize it for currency conversion.
Formula 1
Here’s what the first formula looks like:
| Formula | Explanation |
|---|---|
=GOOGLEFINANCE("CURRENCY:USD/EUR") | Converts USD to EUR using the current exchange rate, resulting in 0.8987. |
Formula 2
Now, let’s take a look at the second formula:
| Formula | Explanation |
|---|---|
=GOOGLEFINANCE(A2, B2) | Uses cell references instead of hardcoding currency codes. A2 contains “CURRENCY:USD/EUR” and B2 contains “PRICE”. |
Example
Let’s illustrate with an example. Suppose we have a metric like Ads Spend in USD, and we need to display this metric in other currencies, such as EUR or CAD, using the calculated rate. We simply multiply it by the value of the metric.
| Metric (USD) | Exchange Rate (USD to EUR) | Converted Metric (EUR) |
|---|---|---|
| $1000 | 0.8987 | €898.70 |
Case
Currency rates update every 20 minutes, resulting in fluctuating numbers in the Sheets. For scenarios where we have dates and, for instance, costs in USD that need conversion to EUR, considering the currency rate of that date, the formula becomes slightly more complex.
Here’s the formula structure:
=GOOGLEFINANCE(“Currency:USDEUR”, “price”, [Date Start], [Date End])
We add attributes like price, Date Start, and Date End. Visit the Google Sheets Support page for a list of available attributes.
Applying Formulas
After applying the formula to the date range, here’s the outcome:
| Date | Exchange Rate (USD to EUR) |
|---|---|
| 2023-05-01 | 0.8950 |
| 2023-05-02 | 0.8980 |
| 2023-05-03 | 0.8975 |
| 2023-05-04 | 0.8960 |
| 2023-05-05 | 0.8955 |
To remove the time in the Date column, we use the formula:
=TO_DATE(int(B21))
Lastly, let’s consider our sample:
| Date | Cost in USD | Exchange Rate (USD to EUR) | Cost in EUR |
|---|---|---|---|
| 2023-05-01 | $1000 | 0.8950 | €895.00 |
| 2023-05-02 | $1000 | 0.8980 | €898.00 |
| 2023-05-03 | $1000 | 0.8975 | €897.50 |
| 2023-05-04 | $1000 | 0.8960 | €896.00 |
| 2023-05-05 | $1000 | 0.8955 | €895.50 |
To find the exchange rate, we employ the VLOOKUP formula. It looks like this:
=IFERROR( VLOOKUP(A31,A21:C26,3,0),1)
By multiplying the cost in USD by the exchange rate obtained, we can derive the cost in euro.
FAQs
1. How often does Google Sheets update currency exchange rates?
Google Sheets updates currency exchange rates approximately every 20 minutes. Therefore, the exchange rates you see in your spreadsheet are subject to change frequently.
2. Can I convert currencies using historical exchange rates in Google Sheets?
Yes, you can use the =GOOGLEFINANCE function to convert currencies based on historical exchange rates by specifying the date range with the “price” attribute, Date Start, and Date End.
3. What is the syntax for the =GOOGLEFINANCE function for currency conversion?
The basic syntax for currency conversion is:=GOOGLEFINANCE("Currency:USDEUR", "price", [Date Start], [Date End])
4. Can I use cell references instead of hardcoding currency codes in the formula?
Yes, you can use cell references instead of hardcoding the currency codes. This allows for more flexibility and easier updates if you need to change the currencies.
5. What if I get an error in the VLOOKUP formula for finding exchange rates?
To handle errors in the VLOOKUP formula, you can use the IFERROR function. For example:=IFERROR(VLOOKUP(A31, A21:C26, 3, 0), 1)
6. How do I remove the time from the date in the Date column?
To remove the time from the date, you can use the TO_DATE and INT functions together, like this:=TO_DATE(int(B21))
7. Can I convert multiple currencies simultaneously in Google Sheets?
Yes, you can set up multiple currency conversions by using separate formulas for each currency pair and multiplying the respective metric values by the obtained exchange rates.
8. Where can I find a list of attributes that can be used with the =GOOGLEFINANCE function?
You can find a list of different attributes on the Google Sheets Support page, which provides detailed information on how to use the =GOOGLEFINANCE function.
Feel free to leave any additional questions or comments below, and I’ll be happy to assist!
