DOLLARFR Function

Are you tired of constantly having to convert between different currencies in your Google Sheets? Look no further, because the DOLLARFR function is here to save the day!

The DOLLARFR function allows you to easily convert a foreign currency price to the equivalent dollar price. All you need to do is specify the original foreign currency price, the original currency’s decimal place, and the exchange rate, and the function will take care of the rest. Not only does this make it easy to compare prices in different currencies, but it also saves you the hassle of having to look up exchange rates and do the math yourself. Give it a try in your own Google Sheets and see just how much time and effort it can save you.

Definition of DOLLARFR Function

The DOLLARFR function in Google Sheets is a financial function that converts a foreign currency price to a dollar price. It takes three arguments: the original foreign currency price, the decimal place of the original currency, and the exchange rate between the original currency and the US dollar. The function then returns the equivalent dollar price. For example, if you have a foreign currency price of 10 in British pounds and the exchange rate between the British pound and the US dollar is 1.4, you could use the formula =DOLLARFR(10, 2, 1.4) to get the equivalent dollar price in US dollars.

Syntax of DOLLARFR Function

The syntax of the DOLLARFR function in Google Sheets is as follows:

=DOLLARFR(foreign_currency_price, currency_decimal_place, exchange_rate)

The foreign_currency_price argument is the original foreign currency price that you want to convert. The currency_decimal_place argument is the number of decimal places of the original currency, and the exchange_rate argument is the exchange rate between the original currency and the US dollar. The function then returns the equivalent dollar price. For example, if you have a foreign currency price of 10 in British pounds and the exchange rate between the British pound and the US dollar is 1.4, you could use the formula =DOLLARFR(10, 2, 1.4) to get the equivalent dollar price in US dollars.

Examples of DOLLARFR Function

Here are three examples of how to use the DOLLARFR function in Google Sheets:

1. If you have a foreign currency price of 100 in British pounds and the exchange rate between the British pound and the US dollar is 1.4, you could use the formula =DOLLARFR(100, 2, 1.4) to get the equivalent dollar price in US dollars.
2. If you have a foreign currency price of 1000 in Japanese yen and the exchange rate between the Japanese yen and the US dollar is 0.0091, you could use the formula =DOLLARFR(1000, 0, 0.0091) to get the equivalent dollar price in US dollars.
3. If you have a foreign currency price of 10 in Euros and the exchange rate between the Euro and the US dollar is 1.18, you could use the formula =DOLLARFR(10, 2, 1.18) to get the equivalent dollar price in US dollars.

Use Case of DOLLARFR Function

Here are some real-life examples of using the DOLLARFR function in Google Sheets:

• A business owner who sells products online in multiple currencies can use the DOLLARFR function to convert the prices of their products to US dollars and compare them to their competitors’ prices in the US market.
• A financial analyst can use the DOLLARFR function to convert the prices of stocks and other assets from foreign currencies to US dollars and perform analysis on them.
• A traveler who is planning a trip to a foreign country can use the DOLLARFR function to convert the prices of hotels, flights, and other expenses to US dollars and create a budget for their trip.
• A teacher can use the DOLLARFR function to create a worksheet for their students to practice converting foreign currencies to US dollars and learn about exchange rates.
• A real estate agent can use the DOLLARFR function to convert the prices of properties in foreign currencies to US dollars and compare them to properties in the US market.

Limitations of DOLLARFR Function

The DOLLARFR function in Google Sheets has a few limitations to keep in mind:

• The DOLLARFR function only converts a foreign currency price to a dollar price. It does not convert other amounts or values.
• The DOLLARFR function only works with currencies that have a fixed exchange rate with the US dollar. If the original currency does not have a fixed exchange rate with the US dollar, the function will not work properly.
• The DOLLARFR function does not take into account any changes in exchange rates over time. If the exchange rate between the original currency and the US dollar changes after you use the function, the converted dollar price will not be accurate.
• The DOLLARFR function does not automatically look up the exchange rate between the original currency and the US dollar. You must specify the exchange rate manually in the formula. If the exchange rate is not up-to-date or is incorrect, the converted dollar price will not be accurate.

Commonly Used Functions Along With DOLLARFR

Here are some commonly used functions that can be used in combination with the DOLLARFR function in Google Sheets:

1. The VLOOKUP function: The VLOOKUP function can be used to look up the exchange rate between the original currency and the US dollar in a table. The VLOOKUP function can then be used in the DOLLARFR formula to convert the foreign currency price to a dollar price. For example, if you have a table with exchange rates and you want to convert a foreign currency price of 10 in British pounds to US dollars, you could use the formula =DOLLARFR(10, 2, VLOOKUP(A1, B1:C10, 2, FALSE)), where A1 is the cell containing the original currency, B1:C10 is the range containing the exchange rate table, and 2 is the column containing the desired exchange rate.
2. The IFERROR function: The IFERROR function can be used to handle any errors that may occur when using the DOLLARFR function. For example, if the original currency does not have a fixed exchange rate with the US dollar, the DOLLARFR function will return an error. In this case, the IFERROR function can be used to return a default value instead of the error. For example, you could use the formula =IFERROR(DOLLARFR(10, 2, 1.4), “N/A”) to convert a foreign currency price of 10 in British pounds to US dollars, and if an error occurs, the formula will return “N/A” instead.
3. The ROUND function: The ROUND function can be used to round the converted dollar price to a specified number of decimal places. For example, if you want to convert a foreign currency price of 10 in British pounds to US dollars and round the result to two decimal places, you could use the formula =ROUND(DOLLARFR(10, 2, 1.4), 2) to do so.

Summary

The DOLLARFR function in Google Sheets is a convenient and easy-to-use tool for converting a foreign currency price to a dollar price. With just a few simple arguments, the DOLLARFR function allows you to easily compare prices in different currencies and save time and effort in the process. The function is especially useful for businesses, financial analysts, travelers, teachers, and real estate agents who need to work with prices in different currencies on a regular basis. If you haven’t tried it yet, give the DOLLARFR function a try in your own Google Sheets and see how much it can help you.