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Named Formulas can be used to create your own custom functions. Once created, they save you having to re-enter the formula name, correct formula syntax, parenthesis and formula reference range over-and-over. The functions you can choose from are: AVERAGE, COUNT, COUNTA, COUNTBLANK, MAX, MIN and SUM.
You can choose a Function and have that Function calculate the Formula Range relative to the Relative Cell. For example, if you choose SUM and the Formula Range A1:A10, the Relative Cell A11 and the Name MySum, you can then use: =MySum anywhere on row 11 on the chosen Worksheets. The result will be the SUM of rows 1:10 of the column the Named Formula resides in.
Excel Named Range Manager 
Excel 97 or above |
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