FAQ Fixing Errors

Circular reference is an error when the formula refers (directly or indirectly) to itself. For details, see the Excel FAQ. Our modes are designed to allow for a circular reference to calculate interest charges. Circularity is NOT an error if the 'Interest Iteration' button is turned on. The button is located in the upper left corner of the 'Financials' sheet as shown below.


Excel settings (options menu) should be set to enable iterations and, if so, the error warning should go away. If you are interested in more details on circular references we recently published a post discussing pros and cons of running Excel in iterative mode. 

1 - Check cells in rows 7-13 of the DCF Analysis tab for errors. If there are errors, check references to the 'Annual Summary' tab and calculations in the 'Annual Summary' tab.

2 - If you do not see errors as per 1. above, go to lines 67-76 of the DCF Analysis tab. Make sure that either:

  • 'Invested Capital' flows into the schedule as a negative
  • The first forecast period shows negative cash flows.

If this is not the case, the IRR function will not compute.

3 - If this has not solved the errors above, then it is likely that you have not enabled 'Analysis ToolPak' in the Excel add-ins. To turn it on:

  1. Click on the File tab and select Options.
  2. Click on Add-Ins , and then in the Manage box, select Excel Add-ins.
  3. Click the Go button.
  4. In the Add-Ins Available box, select Analysis ToolPak, and then click OK.
  5. Advice: If the Analysis ToolPak is not in the Add-Ins available list, click the Browse button to find it.
  6. If you get the message that Analysis ToolPak is not installed on your computer, click Yes to install it.
  7. After downloading the Analysis ToolPak, the Data Analysis button will become available in the Analysis group in the Data tab.

It is most likely that you entered a non-numeric value into an input field or entered a zero value where the model needs a value in order to run properly. If you made a mistake and cannot undo your last action or undoing does not make errors go away, follow these steps:

  • Change interest iteration in the tab 'Financials' (cell G3) from «Yes» to «No»;
  • Fix the error; and
  • Turn the iteration back on if desired.

If you cannot trace an error we recommend you audit the tabs in sequence of the flow of the model. For example, if the Annual Summary tab does not have any errors then the error is on the DCF Analysis tab and so on. Please refer to the Navigation tab of the model to understand how different tabs are linked up in the model.

Most likely it means that you inputted incorrect values in fields reserved for numbers or dates only. How could this happen?

  • Entered plain text;
  • Entered a space (before or after the number);
  • Put an extra comma;
  • Put a non-numeric character.

The '#REF!' error means that you have removed a cell which was referenced to by another cell. In this case, the '#REF!' error will appear in the formula instead of a reference to another cell. It will also appear as a displayed value in all other cells that reference to this one (and are thus disrupting the calculations).

Therefore, to find the source it is necessary to start a search (Ctrl-F) using '#REF!' as the search string, then click on 'Settings' and select 'Search' 'In the workbook ', and in the 'Search type' select 'Formula'. This way you will find all the cells where the original error has occurred.

If you find the error, but do not know how to fix, take a look at the original model. If you do not have the original model, you can re-download it from our website. For reasons of confidentiality, we do not store the numeric values ​​you have entered, but all the formulas in this copy will be identical to those of the model that you downloaded the first time.

If you located the source of an error, but you do not know how to fix it, please refer to your original download and compare it against any changes you subsequently made to the model. It is also recommended to backup as often as possible. You can always roll back to a version of the model before a particular error came up.

If you risk losing valuable data or time by starting your changes all over again and cannot fix the altered model by yourself, please contact us. We have a special service for customer model modifications. Send a description of your error to services@finrobot.com. Note that we charge for any additional work and fixing customer altered model’s is not complimentary to the purchase of the Base Model.

This error means that you have entered an incorrect formula. Or you put the '=' sign as the first character in the cell and Excel took it as an attempt to write the formula.

If you did not want to write a formula and put the ‘=’ sign as the first character, then you can put a single quote ' ‘ ' as the first character in the cell. It will not be displayed on the screen and Excel will understand that this cell contains text only.

To create hyperlinks in the 'Navigation' sheet, cell A1 in each tab is labelled by a variable that corresponds to the current tab (this cell is empty, but it is referenced by the appropriate hyperlink). If you delete a cell in A1 of any tab of the Model, the hyperlink will no longer work.