August 4, 2020
I am using the most current version of Excel 365 and still see errors in some cells on Tab 8. Since it’s not an old version of Excel, what could be causing this?
Posted by Armanino Financial Advisory Team
The most likely culprit is cell A50 on Tab 1. Initial Data Input. This is where you are to put the date you are submitting your Forgiveness Application. If this cell is blank, it will throw errors downstream because the safe harbor calculations are based in part on this date. Even if you don’t know the precise date for submission, estimate it and don’t leave this cell blank.
It is also quite likely that your Excel 365 version may need to be updated. Microsoft releases new versions many times each year. The version this model was built in is version 2002 (Build 12527.20880) which was released in March 2020 as a preview for Semi-Annual Enterprise Users and officially updated and put into current production on July 14, 2020. This version contains the brand new XLOOKUP functionality, which is used heavily in this model. This function was only introduced into Excel on January 30, 2020. You can check your version of Excel by clicking on the File menu in the upper left corner, then selecting Account near the bottom of the left pane. This will open a page that includes a button called About Excel; next to that, it should list your version and license that your business is using.