Excel Functions for Private Equity: Comment vs. Note

What is the Comment Feature?

The Comment feature in Excel allows the reviewer of the worksheet to provide instructions on how a complex formula works, enter thoughts, ask questions, etc. The Comment feature allows for discussion with several people as it is threaded and has a Reply box.

Comment vs. Note

The Note feature is similar to the Sticky Notes function in Microsoft where it allows the user to add annotations about the data or add reminders in the cell. It is used for one’s own review as it does not have a Reply box.

How is it Used in Real Estate?

When building financial models, multiple analysts, as well as the clients, usually review the workbook, and add comments and notes that need to be incorporated. It would be time consuming to have meetings every time a change needs to be made, and hence these features are extremely useful when perfecting the model.

Steps to Add a Comment

Step 1: Select the cell that needs a comment.

Step 2: On the Review tab, in the Comments group, click the New Comment button.

Step 3: In the yellow comment box with your name and the blinking cursor, type your comment.

The comment box can be made larger by dragging the lower right corner of the comment box, and after Excel accepts the comment, a red triangle appears in the upper-right corner of the commented cell.

Steps to Add a Note

Step 1: Right click the cell that you would like to add a note to.

Step 2: Click the Insert Comment option or press Shift + F2.

You can then type your annotation text and click outside the cell for it to be saved.

Conclusion

When building financial models, multiple analysts, as well as the clients, usually review the workbook, and add comments and notes that need to be incorporated. It would be time consuming to have meetings every time a change needs to be made, and hence these features are extremely useful when perfecting the model.

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About the Author

Brittany Martin is TSM’s Vice President who has developed real estate financial models for an extensive range of property types. She specializes in land, hotel, and storage models. Please reach out to her if you have any questions about Unlevered Cash Flow or if she can help you with your modeling needs.