Could some one please take me through this formula step by step. I think its what I need to create a daily calander I want to make. I just need to know what its doing so I can customize it to my sheet.

=INDEX([indexmatch.xls]Data!$A$1:$F$10,MATCH($B2,Data!$B$1:$B$10,0),MATCH(F$1,Data!$A$1:$F$1,0))