How to create a dynamic VLOOKUP

Excel’s VLOOKUP function is undoubtedly one of the most popular Excel functions. It can readily interpret and report values in large data arrays; unlike a PivotTable, which needs to be manually updated to reflect source data changes. Often this Excel function finds it difficult to reflect changes to source data. A dynamic VLOOKUP that incorporates the COLUMN function will overcome this challenge of changing source data.

Excel INDEX MATCH for two dimension lookups

The VLOOKUP function is a highly useful Excel function in financial analysis and business planning. It is a valuable one-dimension lookup tool – along with HLOOKUP. However in some cases, a financial analyst will require a two-dimension lookup tool, in order to reference the exact value from a data table, which a vanilla VLOOKUP function will be unable to perform.

The combination of the INDEX function with two MATCH functions can solve this matter.

Excel VLOOKUP across multiple worksheets

A standard Excel VLOOKUP can refer to values from a specific worksheet. Financial and business planning models are often complex and detailed in their analytics, and therefore require high-level executive summaries or dashboards of multiple worksheets.
The following illustration demonstrates the power of a VLOOKUP with the INDIRECT function to reference a Lookup_value from multiple worksheets.