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If you want to convert excel dates to text values (for your report or some other purpose), you can use the TEXT formula like this: =TEXT(A1,DD-MMM-YYYY) will convert date in Cell A1 to DD-MMM-YYYY format. You can pass any other date / time formats to TEXT formula as well.
DATEVALUE converts the above formula into an Excel date, which is necessary if you plan to use this date for calculations. This one is easy: Select DATEVALUE from the formula list. Click the Date_Text field in the dialog box, click the corresponding cell on the spreadsheet, then click OK, and copy down. The results are Excel serial numbers, so you must choose Format>Format Cells>Number>Date, and then select a format from the list.