Excel Array Formulas Explained with MIN and IF Functions (Part 1 of 5)

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In this video you will learn how array formulas work in Excel and how to calculate the Minimum of one column based on criteria from another column.
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This is the first video in a series on solutions to the Formula Challenge to find the first sales transaction for each month of the year. There were over 100 solutions submitted on the blog page, so I created a series of videos to explain the most popular solutions.

The most popular solution was to use a MIN IF array formula. This first video explains how array formulas work with a simple example.

I also explain how to enter the array formula with Ctrl+Shift+Enter. We then use the Evaluate Formula window to step through each part of the formula and learn how Excel calculates arrays.

In the next video I explain how to combine the MIN IF with VLOOKUP or INDEX MATCH functions, to return a matching result from another column.

We will also look at NON-array solutions withe AGGREGATE and MINIFS functions in future videos.

Additional links:

#2 MIN IF Array Formulas with VLOOKUP or INDEX MATCH    • MIN IF Array Formulas with VLOOKUP or INDE...  
#3 How to use AGGREGATE for MIN IF Formulas in Excel    • How to use AGGREGATE for MIN IF Formulas i...  
#4 How to use MINIFS to Calculate Minimum Value based on Multiple Criteria    • How to use MINIFS to Calculate Minimum Val...  
#5 How to Use AGGREGATE for MIN IF Formula with Multiple Criteria    • How to Use AGGREGATE for MIN IF Formula wi...  

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00:00 Introduction
00:25 Find the First Transaction for Each Month
02:35 Array Formulas Explained
05:46 Bonus – AGGREGATE with Multiple Criteria