I am using a template that came with a formula that I do not understand. I know WHAT it is doing but don't understand HOW it does what it does. I want to tweak it and possibly create similar type formulas in other spreadsheets but am unable to do that since it is so foreign to me... at least parts of it are.
=IF(F8="";"";CHOOSE(LEFT(F8;1);"asset";"payable";"equity";"income";"expense"))
I understand that it is taking the account in F8 and is assigning it as an asset, payable, equity, income, or expense. How does it know? I don't understand the use of "",""; or the CHOOSE portion of the formula.
Would someone care to break it down and explain it to me? I would be very grateful.
Thank you
- Mark -