Excel Spread Sheet Help

Too All,
I am working on a project (spreadsheet) and I am not familiar with Excel that much. I was wondering if excel can execute conditional statements. More specifically, when a $dollar value is entered into a cell, can excel determine a range and assign a character and write the character to another cell?
The condition must check a range for average balance in checking accounts based on a set range for example: 0-$999.99 would be assigned "R". The condition must be checked to five or six different ranges and write the corresponding character that represents the range.

I know that excel can calculate mathematical statements, but can excel execute complex conditional statements?
[email protected]

Thank you in advance,
Regards,
Russell Smith

use an "if" function.

example:

if (G3 > $600,"enough","not enough")