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Step 1 - Check your Options

Check your (Tools > Options)(Error Checking tab, "Enable background error checking").

Step 2 - Evaluates to Error Value

Any cells that return an error have a Trace Error smart tag automatically appear in the bottom left corner of the cell.

If the active cell contains an error value such as #VALUE or #DIV/0, tracer arrows are drawn from the active cell to indicate the cells that could be causing the error value.

You can trace this error back to its source using the trace arrows.

Clicking on the smart tag will display a shortcut menu.

When you select the cell containing the error a tool tip text will appear when you hover over the smart tag giving a short description of the cause of the error

When you select a cell containing an error, a smart tag actions menu appears.

A tool tip text will also be displayed helping you to identify the cause of the error.

Help on this error - Displays the Microsoft Excel help window with possible causes and solutions for correcting this type of error.

Show Calculation Steps - Displays the Evaluate Formula dialog box.

Ignore Error - Permanently removes the smart tag from the cell. You can press F2 and Enter to bring the smart tag back.

Edit in Formula Bar - Takes you to the formula bar so you can edit the formula.

Error Checking Options - Displays the (Tools > Options)(Error Checking tab).

Show Formula Auditing Toolbar - Displays the Formula Auditing toolbar.