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Toggle absolute and relative references

Windows shortcut 
F4
Mac shortcut 
T

While editing a formula, this shortcut toggles cell references from relative to absolute, to partially absolute, back to relative again:

A1 --> $A$1 --> A$1-- > $A1-- > A1

It's much faster and easier than typing $ characters manually.

To convert an existing formula, enter cell edit mode, place the cursor in or next to the reference you'd like to convert, then use the shortcut.

Note: in Excel 2016 for the Mac, you can also use fn + F4. 

Related videos

The videos below demonstrate this shortcut.
In this video, we'll look at how to use the HLOOKUP function. HLOOKUP works like VLOOKUP, but is meant for data in a horizontal arrangement.
In this video, we'll look at a few ways to generate random values with the RANDBETWEEN function, including random dates, random prices, and random workdays.
In this video, we'll take a look at a few reasons why you shouldn't hardcode values that may change into your formulas.
In this video, we'll take a look at how to use the COUNTIF function to solve a common problem: how to find values in one list that appear in another list.
In this video, we'll look at how you can use the CHOOSE function. We also compare a formula based on CHOOSE vs. a formula based on VLOOKUP.