SUMIF can be used to summarise many transactions for a single condition. Here are some examples:
- Show the total credits where the date is after 1 January 2013
- Show the total credits where the balance was overdrawn
- Show the total credits where the description includes the word 'HMRC'
Although this may seem useful at first, you will quickly want to summarise data based on more than one condition (for example, what's the total credits for the period between 1 January 2013 and 31 December 2013). To achieve this, you'll need to use the SUMPRODUCT formula.