I have a formula which I'm trying to get my head around

OFFSET('Daily Datasheet'!$B$1,ROW()-ROW($AL$4)-5,$AM$3+COLUMN()-COLUMN($AL$4))

Can someone explain what each part means? I get what OFFSET does, just not sure how ROW and COLUMN fit into it..

Thanks..

This is where the starting reference for the OFFSET function:
'Daily Datasheet'!$B$1

This is where you ask how many times to go down or up:
ROW()-ROW($AL$4)-5
Which mean the current row, ROW(), minus row AL4 (which is 4) minus 5.

This is where you ask how many times to go left or right:
$AM$3+COLUMN()-COLUMN($AL$4)
Which means the value in AM3 plus current column number, COLUMN(), minus column AL4 (which is 38).

Some helpful tips about the OFFSET function:
http://support.microsoft.com/kb/324991