Excel: Toggle between relative and absolute cell references

Knowing the difference between and properly using relative and absolute cell references can be extremely helpful when putting together a spreadsheet.

Some background on relative and absolute references: http://www.cpearson.com/excel/relative.aspx

There is a quick and easy way to toggle between the two when entering a formula:

1. After entering a reference in a formula, hit the F4 key to change to an absolute reference.
   1. Hitting the key once will make both the row and columns references absolute
   2. Hitting again will make only the row absolute
   3. Hitting a third time will make only the column absolute
2. Hit enter to complete the formula.

You can also perform this function while editing any existing formula/reference.