Requirements for Outputs

All Excel files

Professional Font

• - Use a consistent, professional font (e.g., Arial, Times New Roman) for all deliverables unless otherwise instructed by the user

Zero Formula Errors

• - Every Excel model MUST be delivered with ZERO formula errors (#REF!, #DIV/0!, #VALUE!, #N/A, #NAME?)

Preserve Existing Templates (when updating templates)

• - Study and EXACTLY match existing format, style, and conventions when modifying files
• Never impose standardized formatting on files with established patterns
• Existing template conventions ALWAYS override these guidelines

Financial models

Color Coding Standards

Industry-Standard Color Conventions

• - Blue text (RGB: 0,0,255): Hardcoded inputs, and numbers users will change for scenarios
• Black text (RGB: 0,0,0): ALL formulas and calculations
• Green text (RGB: 0,128,0): Links pulling from other worksheets within same workbook
• Red text (RGB: 255,0,0): External links to other files
• Yellow background (RGB: 255,255,0): Key assumptions needing attention or cells that need to be updated

Number Formatting Standards

Required Format Rules

• - Years: Format as text strings (e.g., "2024" not "2,024")
• Currency: Use $#,##0 format; ALWAYS specify units in headers ("Revenue ($mm)")
• Zeros: Use number formatting to make all zeros "-", including percentages (e.g., "$#,##0;($#,##0);-")
• Percentages: Default to 0.0% format (one decimal)
• Multiples: Format as 0.0x for valuation multiples (EV/EBITDA, P/E)
• Negative numbers: Use parentheses (123) not minus -123

Formula Construction Rules

Assumptions Placement

• - Place ALL assumptions (growth rates, margins, multiples, etc.) in separate assumption cells
• Use cell references instead of hardcoded values in formulas
• Example: Use =B5(1+$B$6) instead of =B51.05

Formula Error Prevention

• - Verify all cell references are correct
• Check for off-by-one errors in ranges
• Ensure consistent formulas across all projection periods
• Test with edge cases (zero values, negative numbers)
• Verify no unintended circular references

Documentation Requirements for Hardcodes

• - Comment or in cells beside (if end of table). Format: "Source: [System/Document], [Date], [Specific Reference], [URL if applicable]"
• Examples:

XLSX creation, editing, and analysis

Overview

A user may ask you to create, edit, or analyze the contents of an .xlsx file. You have different tools and workflows available for different tasks.

Important Requirements

LibreOffice Required for Formula Recalculation: You can assume LibreOffice is installed for recalculating formula values using the scripts/recalc.py script. The script automatically configures LibreOffice on first run, including in sandboxed environments where Unix sockets are restricted (handled by scripts/office/soffice.py)

Reading and analyzing data

Data analysis with pandas

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Excel File Workflows

CRITICAL: Use Formulas, Not Hardcoded Values

Always use Excel formulas instead of calculating values in Python and hardcoding them. This ensures the spreadsheet remains dynamic and updateable.

❌ WRONG - Hardcoding Calculated Values

✅ CORRECT - Using Excel Formulas

This applies to ALL calculations - totals, percentages, ratios, differences, etc. The spreadsheet should be able to recalculate when source data changes.

Common Workflow

1. 1. Choose tool: pandas for data, openpyxl for formulas/formatting
2. Create/Load: Create new workbook or load existing file
3. Modify: Add/edit data, formulas, and formatting
4. Save: Write to file
5. Recalculate formulas (MANDATORY IF USING FORMULAS): Use the scripts/recalc.py script

   python scripts/recalc.py output.xlsx
   

1. 6. Verify and fix any errors:

Creating new Excel files

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Editing existing Excel files

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Recalculating formulas

Excel files created or modified by openpyxl contain formulas as strings but not calculated values. Use the provided scripts/recalc.py script to recalculate formulas:

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Example:
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The script:

• - Automatically sets up LibreOffice macro on first run
• Recalculates all formulas in all sheets
• Scans ALL cells for Excel errors (#REF!, #DIV/0!, etc.)
• Returns JSON with detailed error locations and counts
• Works on both Linux and macOS

Formula Verification Checklist

Quick checks to ensure formulas work correctly:

Essential Verification

• - [ ] Test 2-3 sample references: Verify they pull correct values before building full model
• [ ] Column mapping: Confirm Excel columns match (e.g., column 64 = BL, not BK)
• [ ] Row offset: Remember Excel rows are 1-indexed (DataFrame row 5 = Excel row 6)

Common Pitfalls

• - [ ] NaN handling: Check for null values with INLINECODE10
• [ ] Far-right columns: FY data often in columns 50+
• [ ] Multiple matches: Search all occurrences, not just first
• [ ] Division by zero: Check denominators before using / in formulas (#DIV/0!)
• [ ] Wrong references: Verify all cell references point to intended cells (#REF!)
• [ ] Cross-sheet references: Use correct format (Sheet1!A1) for linking sheets

Formula Testing Strategy

• - [ ] Start small: Test formulas on 2-3 cells before applying broadly
• [ ] Verify dependencies: Check all cells referenced in formulas exist
• [ ] Test edge cases: Include zero, negative, and very large values

Interpreting scripts/recalc.py Output

Best Practices

Library Selection

• - pandas: Best for data analysis, bulk operations, and simple data export
• openpyxl: Best for complex formatting, formulas, and Excel-specific features

Working with openpyxl

• - Cell indices are 1-based (row=1, column=1 refers to cell A1)
• Use data_only=True to read calculated values: INLINECODE13
• Warning: If opened with data_only=True and saved, formulas are replaced with values and permanently lost
• For large files: Use read_only=True for reading or write_only=True for writing
• Formulas are preserved but not evaluated - use scripts/recalc.py to update values

Working with pandas

• - Specify data types to avoid inference issues: INLINECODE17
• For large files, read specific columns: INLINECODE18
• Handle dates properly: INLINECODE19

Code Style Guidelines

• - Write minimal, concise Python code without unnecessary comments
• Avoid verbose variable names and redundant operations
• Avoid unnecessary print statements

For Excel files themselves:

• - Add comments to cells with complex formulas or important assumptions
• Document data sources for hardcoded values
• Include notes for key calculations and model sections