range_lookup: this is the optional argument. This will define whether the vlookup should return exact match or approximate match. If lookup range is TRUE then the formula will search for exact match, if exact match not available it will return the approximate match. If only exact match required then FALSE is to be entered. Instead of TRUE or FALSE 1 or 0 can also be entered correspondingly.
For Example in one file you have employee master data like Employee No., Name, Bank Account No. and in another file employee salary details with employee No. for a particular month.
From the available information in the two files, if you want to prepare a salary statement with bank account number which is to be sent to bank for payment, you can use the VLOOKUP function and combine the information in two files based on the employee Number.
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In the given example, to update the salary details in Payment Statement the formula will search the employee number in Pay roll data table and return the value in 6th column for matching employee number. If there are no records matching for the employee number, it will show the error.