Excel 2010: Working with Dates and Times
Illustration by Neil Webb

Using times with currency calculations


From:

Excel 2010: Working with Dates and Times

with Dennis Taylor

Video: Using times with currency calculations

If you are working with time entries and currency in the same worksheet, the calculations might not be quite what you'll expect. Let's look at the information in Column B. This represents Time Worked 5 hours, 7 hours and 15 minutes, and we have a Rate that someone is presumably being paid for. We need a formula here. You can see on the first example 5 hours, $10:00 an hour. We know what the answer is. It's going to be $50. So it's just a simple multiplication. Take this, times this, and sure enough our answer is not even close.
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  1. 1m 33s
    1. Welcome
      1m 13s
    2. Using the exercise files
      20s
  2. 5m 29s
    1. Understanding how Excel records and stores dates
      3m 56s
    2. Understanding how Excel records and stores times
      1m 33s
  3. 12m 59s
    1. Looking at standard date/time entry options and acceptable alternatives
      2m 51s
    2. Using instant date/time entry
      1m 27s
    3. Using the TODAY and NOW functions for dynamic date/time entry
      3m 4s
    4. Using Auto Fill to enter date and time series
      5m 37s
  4. 6m 17s
    1. Exploring keystroke shortcuts
      1m 45s
    2. Formatting time for hours over 24
      2m 16s
    3. Creating custom date formatting
      2m 16s
  5. 17m 45s
    1. EOMONTH and EDATE: Calculating ends of months and future/past dates
      4m 30s
    2. DATEDIF: Calculating date differences by year, month, day, and more
      4m 17s
    3. WEEKDAY: Determining the day of the week
      1m 49s
    4. NETWORKDAYS: Calculating working days
      2m 26s
    5. WORKDAY: Calculating ending dates
      1m 56s
    6. DATEVALUE and TIMEVALUE: Converting text entries into dates and times
      2m 47s
  6. 21m 9s
    1. Calculating date differences across days, months, and years
      1m 45s
    2. Calculating time differences within and across days
      4m 56s
    3. Calculating fiscal years and quarters
      5m 24s
    4. Rounding time calculations to convenient intervals
      4m 42s
    5. Using times with currency calculations
      2m 44s
    6. Calculating holidays (Labor Day, Thanksgiving, Memorial Day, etc.)
      1m 38s
  7. 15m 18s
    1. Using special date filters with date data
      3m 27s
    2. Using date controls in data validation rules
      5m 41s
    3. Using date functions in data validation rules
      3m 7s
    4. Converting unusually formatted dates into usable data (text to columns)
      3m 3s
  8. 18s
    1. Goodbye
      18s

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Watch the Online Video Course Excel 2010: Working with Dates and Times
1h 20m Intermediate Jul 28, 2010

Viewers: in countries Watching now:

In Excel 2010: Working with Dates and Times, Dennis Taylor shares his solutions for optimizing the use of dates and times in Excel 2010. This course explains what's going on behind the scenes when Excel stores dates and times, gives tips for entering dates and times, and shows options for date and time formatting. It also demonstrates the various date and time functions and shows how to calculate with dates and times in a range of scenarios. Exercise files are included with the course.

Topics include:
  • Understanding how Excel records and stores dates and times
  • Looking at standard date/time entry options and acceptable alternatives
  • Using the TODAY and NOW functions
  • Customizing date formats
  • Exploring keyboard shortcuts
  • Formatting time for hours over 24
  • Calculating differences across dates and times
  • Rounding calculations
  • Working with holidays
  • Validating with dates
  • Converting formatted dates to usable data
Subject:
Business
Software:
Excel
Author:
Dennis Taylor

Using times with currency calculations

If you are working with time entries and currency in the same worksheet, the calculations might not be quite what you'll expect. Let's look at the information in Column B. This represents Time Worked 5 hours, 7 hours and 15 minutes, and we have a Rate that someone is presumably being paid for. We need a formula here. You can see on the first example 5 hours, $10:00 an hour. We know what the answer is. It's going to be $50. So it's just a simple multiplication. Take this, times this, and sure enough our answer is not even close.

It does point the problem that we have sometimes in working with time data. Now, remember times are recorded as portions of days. One approach to these when you can't figure out what to do is to think, well, if it should have been 50, and it's 2.08. What's the multiplier? Well, probably not so obvious at first, but we do know about 24 hours a day, and let's try that. Of course, not just try it. It does make sense here. We need to take this calculation and multiply it by 24, and that's the correct answer of course.

We'll copy these down the column. Sure enough, here and there you can see some of them immediately. 8 hours, $20 an hour, it's $160. So, when performing these kind of calculations at first may be not so obvious, but you can quickly figure it out what the total should be. In Column F, we've got some Down Times, and these are minutes. 5 minutes, 7 minutes, 7 minutes, and there is a charge for the Down Time and here is the Rate. You can take a look at one or two here and there. For example, this one here it's down 10 minutes and it costs $7.50 a minute so $75. But here too I think the first starting point might be you are going to multiply the two in a particular order.

Come up with an answer here. Of course, you often would have a rough idea. It's what? 25, 30 bucks? Well, certainly not 2 cents. So, what do we need to do here? How many minutes in an hour? How many hours in a day? 24 and 60. Not so obvious. You can do the math and come up with 1440 or do it this way. This is probably slightly a better documentation. There we go! That looks like a sensible answer, and let's take a look at some of the others. Double-click. One or two of these, you might be able to do in your head pretty quickly, but say this one here, the one we've mentioned.

Yeah, 10 minutes, it's $7.50 a minute, $75. So, in calculations like this, in many cases use the number 24, sometimes the number 60. Time calculations can be tricky, but there certainly are some solutions here that let us work with this data pretty smoothly.

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