How about:
=IF(AND(A1<0,OR(D1="2 yearly",D1="5 yearly")),"IN","OUT")
Copy down as needed.

If your cells in D actually contain '2 yearly' instead of 2 yearly, you will
need to add the single quotes to this formula.

tj

"simon" wrote:

What I want to achieve is:

IF text in cell D says either '2 yearly' or '5 yearly'
AND
Cell A contains any number other than 0
then
insert Text: 'IN' into cell E.
otherwise
insert Text 'OUT' into Cell E.


thanks in anticipation...
SS