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Is it possible to have a cell on one worksheet that references a cell on
another worksheet to also reflect the FORMAT of the referenced cell? Ie,
if the referenced cell has a red background, the cell referencing it
should also have a red background?
Yes, using conditional formats.
First create format styles with F11, then tell the cell to apply the format appropriate to the value of a referenced cell.

In the example at https://docs.google.com/file/d/0B6LXy9sguZVkVDdMMXh3Y1dhQWs/edit?usp=sharing c2 - n2 are months Jan to Dec, b3 - b12 are 10 salespersons and c3 - n12 are their monthly sales. We want to use colours to quickly see who sold the most and least each month. c15 - n15 show the min sales in each column (and are formatted white on red. This is per style named "Min") c17 - n17 show the max sales in each column (and are formatted white on blue. This is per style named "Max")

In the conditional formatting for each cell c3 - n12,
1. apply style Min if the cell contents = cell in row 15 and
2. apply style Max if the cell = row 17.

What you achieve is 2 cells in each column automatically turning red or blue if they match other cells based on their value, allowing high or low achievers to be immediately recognised.

Hope this helps.
Errol




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