Alerters are now called Conditional Formatting in 4.2.
The functionality remains the same.
To access Conditional Formatting, on the menu ribbon:
Select the "Analysis" tab.
Then select the "Conditional" sub-tab.
Create a "New Rule" for the Conditional Rule.
To apply the Conditional Rule:
Select the cell where the rule will be applied.
Select the "Formatting Rules" drop-down menu within the "Conditional" sub-tab.
Select the rule to be applied.