Set the precision forces Excel to always round numerical values to a certain number of digits after decimal, saving you from having to use the ROUND function on each formula. This is how it works.
Note that the setting of Excel's rounding precision can save time, but be sure to round all values before enabling this feature. When Excel is set to round numbers, the extra data is deleted after the precision point you set, which permanently affects the accuracy of the numbers in your workbook. This means, for example, that if a value such as "12.7851698" is shown with two digits after the decimal point, Excel will permanently delete "51698" and leave only "12.76".
This feature also works on a per workbook basis, which means you can enable it for certain workbooks and not others. However, you must enable it for an entire workbook. You cannot activate it only for specific sheets in a workbook.
Where to find the "Specify precision as shown" option
Navigate to the "File" menu.
Select the "Options" menu.
In the Excel Options window that appears, click the "Advanced" category on the left.
To the right, scroll all the way to the bottom. You can find the "Specify precision as shown" option in the "Calculating this workbook" section. You can select different current opened workbooks using the drop-down menu.
When you select the check box, Excel displays a warning that lets you know that data in the workbook will permanently lose accuracy. Click the "OK" button.
Now click on the "OK" button to exit the Excel window and return to the "File" menu.
You can specify how many digits are held by changing how the numbers appear in the "Home" menu's "Number" group.