There is an Excel spreadsheet with this function, can someone walk me through
it in terms of how to interpret the first And and OR.

I understand that if A2 does not equal B2 "and" B2 = nothing enter nothing
AND IF A2 = nothing "and" B2 is not equal to nothing enter nothing but
explain the first AND OR. Also is this function able to be built through the
formula palette or wizard?

=IF(OR(AND(A2<"",B2=""),AND(A2="",B2<"")),"F","" )