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Excel / Intro / Free practice
Build a Simple FP&A Variance Checklist in Excel
Create a lightweight variance review sheet that flags what needs explanation before the pack goes to leadership.
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fx =IF(ABS(F12)>=$J$2,"EXPLAIN","OK")
| Actual | Budget | Var $ | Var % | Flag |
| 128.4 | 120.0 | 8.4 | 7.0% | EXPLAIN|// Formula bar — materiality flag on variance
01
Prerequisites
- Comfortable with Excel formulas
- A budget vs actuals sheet (or a small sample model)
02
Procedure
Run the drill
- 01
Define the variance columns you care about: absolute, percent, and owner.
Step - 02
Set materiality thresholds that match how your leadership actually reviews numbers.
Step - 03
Flag rows above threshold with a clear status: needs explanation, under review, closed.
Step - 04
Add a completeness check so every flagged row has an owner and a note.
Step - 05
Lock the checklist structure so the next cycle reuses the same rules.
Step
OUTPUT
Expected outcome
A calm, repeatable review surface that turns variance hunting into a short, owned list — not a last-minute scramble.