Tip: If you compete with organizations that are publicly held, you can find their financial filings on http://www.sec.gov/edgar.shtml

Depending upon the industry and make-up of the organization, the balance sheet might contain different line items. However, by and large, the top part of the balance sheet contains the assets of the organization, followed by the liabilities. The difference between these is known as Owner’s or Stockholder’s Equity. There can be several subsections, for example, Fixed Assets, Current Assets, Goodwill and Intangibles. We would add up all the items classified as current assets, then all the items classified as fixed assets to arrive at total assets.

We do the same for our current liabilities and long-term liabilities. Current liabilities would be things like payroll and income taxes. Long-term liabilities would include long-term debt. We would add up all the items under current liabilities, then long term liabilities, then the total of those.

If you report several years together, you can utilize Spark Lines to show growth or decline over the reporting periods. You can also create additional columns to calculate the percentage growth or decline for more impact. If you are generating a report template, you may have no figures entered yet. In that case, your percentage formulas may show #DIV/0 errors. Of course, you know they’re not really errors, there’s just no data yet. You can use the IFERROR function in front of the percentage calculation to show a blank or zero until accurate numbers are entered. In the sample workbook for this article on the Balance Sheet worksheet, we’ve applied all these techniques to Assets.

Another useful report is the Income Statement, also called the Income and Expense Statement, and Revenue Statement. Unlike the Balance Sheet, which is a snapshot in time about how we’re doing. An Income statement reports a specific period of time to show how we earned (or lost) what we earned (or lost). Simply stated: How much did it cost us to earn the revenue we made? Like the balance sheet, the composition of the income statement can vary depending upon industry or complexity of the operation. In our example, we’re using easy line items, such as:

- Revenue
- Cost of Goods Sold (COGS)
- Gross Profit
- Selling and General Administrative Expense
- Depreciation and Amortization
- Operating Income
- Interest Expense
- Other Expenses
- Income Before Taxes
- Income Taxes
- Net Income

Income statements may also include additional shareholder impact information. The calculations performed are:

- Revenue – COGS = Gross Profit
- Gross Profit – Selling and General Administrative Expense = Operating Income
- Operating Income – Other Expenses = Income Before Taxes
- Income Before Taxes – Income Taxes = Net Income

As you can see in a worksheet with these calculations, at first glance, it may not be easy to tell where the formulas are. Use the Show Formulas tool (Ctrl+`). To see where all the formulas are before beginning to edit to make sure you don’t delete any formulas.

All of the items above when used in various combination and calculations yield rations that allow us to compare ourselves to others in our industry and determine how we’re doing in comparison. It is important to research and determine what is “normal” or “good” for our particular industry. It wouldn’t do any good to compare the ratios of the corner meat market with that of IBM!

By using named ranges to name each relevant line on the Balance Sheet and Income statement, we can just type in these terms and the relevant math operators to get the ratios. If you highlight both the name of the entry and the entry, use the Create from Selection button on the Formula tab in the Defined Names group to create the named ranges.

]]>Download WorkingWithDatesExcelPivotTables.xlsx to see each of these solutions. You may also download WorkingWithDatesExcelPivotTables2010 which includes only 2010 compatible features.

With the introduction of Excel 2007, you were able to filter date data in a column by date range, for example, this quarter, last quarter, this week, last month, next month, between two dates. This made life a lot easier for those whose data must be analyzed in this way. Any date field you add to a row or column field (not value field) in a Pivot Table can take advantage of this feature. Just click the down arrow at the top of the column with the date. If you have several row fields, be sure you have a cell selected that shows date data. That will enable the date filters.

Unfortunately, this same functionality is not available if you add a date field to the Report Filter area. If you are using Excel 2013/2016, you can take advantage of the new Timeline Slicer.

Slicers were introduced in Excel 2010 and could, more or less, take the place of the Report Filter (Filters) function in the layout. However, it did not give us any additional facility with dates. In Excel 2013, we can take advantage of the Timeline Slicer. To add a slicer:

- Select a cell inside your Pivot Table.
- On the Analyze tab, in the Filter group, click on the Insert Timeline button.
- If you have more than one date field in your source data, choose the date field you want to use as your slider. In our example, there is only one, Date. Check the box, then OK.
- The default measure will likely be Months. Click the down arrow to the right of the word Months and choose another measure, if you like.

Somewhat alarming, if you weren’t expecting it is the way dates now appear as a row field in a Pivot Table in the newest version of Excel. By default you’ll noticed dates are grouped by year, quarter and month, with + or – symbols to expand and collapse within these groups. Filter still work, but if you’d prefer to see just regular dates, right click on any date grouping and choose Ungroup.

No matter what version you’re using, to get a month name, rather than a date to show up as a selectable field in an Excel Pivot Table, add a column to your Source Data with this formula, where A2, refers to the dated cell. **=TEXT(A2,”mmm”).**

Follow along and try your own numbers out by downloading: Excel Finance Formulas Sample.xlsx

The future value of money is based on an interest rate, regular payments (if any) and a term. For example, if we save $500 per month at 3% annual interest, over a period of 15 years we would have $113,486.34.

In Excel, we would use the FV function to calculate that, as follows:

- B1 contains our monthly payment of $500
- B2 contains the annual interest rate of 3%
- B3 contains the number of years we would save that
- B4 converts the number of years to months to match our monthly payments into savings
- =FV(B2/12,B4,-B1) or $113,486.34
- You invested $90,000 and earned $23,486.34 in interest.

NOTE: Why the “/12?” Well, annual interest rates must be divided by 12 months if the payments will be made monthly. If you have a monthly interest rate, there is no need to do this. However, most interest rates are expressed as annual rates.

In the sample spreadsheet, you’ll find some yellow-shaded cells for you to try out your own calculation! Look for your answers in the blue shaded cells.

Let’s calculate the present value of a 4.5% annuity where regular payments of $500 are made over a period of 5 years. To determine the present value of that instrument, we use this formula.

- B1 contains our monthly annuity payment of $500
- B2 contains the annual interest rate of 4.5%
- B3 contains the 5 years we would receive that
- B4 converts the number of years to months to match the monthly payments
- =PV(B2/12,B4,-B1) or $26,819.69
- If you bought the annuity for $26,819.69, you would have received $30,000 in payments.

The payment function can be used to calculate the monthly payment on a mortgage or a loan. All you need is the amount borrowed, the annual interest rate and the term of the loan.

In our example:

- B1 contains the amount borrowed $150,000
- B2 contains the annual interest rate of 4.5%
- B3 contains the 30 years over which we’d repay the mortgage
- B4 converts the number of years to months to match the monthly payments
- =PMT(B2/12,B4,-B1) or a monthly payment of $760.03

The present value (pv) argument is expressed as a negative here because we are, basically, in debt $150,000. Put in your own numbers in the yellow cells and see what you get! Here we entered the same information except the term is 15, instead of 30, years. See the difference in the total interest paid?

Each of the functions above has used the NPER argument for number of periods. In this case, it is a function used to determine, for example, how long it would take to pay off a loan, given a known interest rate, monthly payment and loan balance.

In our example:

- B1 contains the remaining loan amount $20,000
- B2 contains the annual interest rate of 5%
- B3 contains the monthly amount we can pay
- =NPER(B2/12,B3,-B1) or 21 months

Want to see how long it will take you to pay off a debt? Try out your own numbers in the NPER worksheet!

]]>Download Excelchartsgraphstemplates.xlsx and work along.

- Select the data you wish to chart and press F11, to create a chart in the default style on its own worksheet, or click the Insert tab and choose your starting chart type.

**NOTE: If your data is contiguous (no blank rows or columns), click into one cell in the chart data. Excel will automatically select the rest of the data when you insert your chart.**

- Make your customizations to:
- Series format
- Data labels
- Data table
- Axis labels
- Chart title
- Legend placement

**NOTE: In Excel 2010 and prior, use the Design tab. In Excel 2013 and later, access the Chart Elements tool by selecting your chart and clicking the plus sign icon to the upper right of the chart area.**

Keep in mind that you may select a single series or single data point (column, bar, pie wedge, etc.) and format it as you would any other shape, choosing a specific color, rather than relying on the active theme to choose it for you. So you can practice this skill in the exercise file, change the color of a data series to a different color you’ll recognize in a new chart.

- The next steps vary by version.
- In Excel 2010 and earlier: On the Design tab, click the second button from the left, Save as Template.
- In Excel 2013 and later: Right-click on the chart itself and choose Save as Template.

Name it and click Save.

**NOTE: Allow the .crtx file to save at its default location. This will make it easier to locate it when you want to apply it to a new chart.**

- Now, when you want to apply it, click the dialog box launcher on the in the Charts group on the Insert tab and choose Templates. In 2013 and later versions, you will need to click on the All Charts tab to see Templates. In 2010 and 2007, Templates will be the first entry on the left in the dialog box.

**NOTE: The dialog box launcher is the small down and right facing arrow in the lower right corner of a button group on the ribbon.**

You can also choose the Change Chart Type button after creating a chart in a different style. You’ll see the Templates choice in the same place.

If your organization is moving to a new version of Excel, it’s a good idea to save your often used charts as templates to preserve the color and format choices. The defaults tend to change from version to version and you may want to preserve your hard work and give yourself time to make a decision on any format changes.

Though you may have chosen a different format and a different name for your sample, to see how the same chart template was applied to the Invoice data as was to the Sales data, download this file Excelchartsgraphstemplates-Completed Sample.xlsx

]]>Download Excel Pivot Table Formulas.xlsx to follow along with the instructions.

In our example, we’ve created a PivotTable from our source data which contains the following columns.

- Product
- Customer
- Warehouse 1 – dollar value of product shipped from Warehouse 1 this year
- Warehouse 2 – dollar value of product shipped from Warehouse 2 this year
- Warehouse 3 – dollar value of product shipped from Warehouse 3 this year
- Warehouse 4 – dollar value of product shipped from Warehouse 4 this year
- Previous Year Total – dollar value of products shipped from all warehouses last year
- % Previous Year Total – A formula yielding the sum of this year’s total shipments over the previous year’s total.

We can create a calculated field equaling the sum of all warehouse shipments for each product with the following steps.

- Add a row field to the PivotTable report area to make the Fields, Items & Sets button active in Calculations group on the Analyze tab.
- Click the Fields, Items & Sets button and select Calculated Field.

Note: Do not select Calculated Item! This does a different type of aggregation.

- Name the field “Total Shipped This Year.”
- In the Formula field, type =SUM(.
- Below, in the Fields section, select each Warehouse # field and then click the Insert Field button, inputting a comma between each field name.
- Click OK.
- This new calculated field is now added to your PivotTable.

If you had other PivotTables in your workbook based on this same Source Data, all of them would have this new calculated field added to the field list.

“Why couldn’t I just have put that SUM function right next to the PivotTable?” you may be asking. Well, unlike regular formulas which refer to a cell reference (column and row), the default behavior of PivotTable values is as a “data point” or aggregate total. You might see something like this when you try to add a formula next to your PivotTable:

This is referring to the aggregate data point made up of all Warehouse 1 values for the Product Alice Mutton, and NOT what is in cell B4. If we sort the PivotTable in reverse order by product, your GETPIVOTDATA statement doesn’t change and still refers to that same data point. You could type in the cell reference, so =B4, instead of just clicking on the cell, but as your PivotTable changes in length some of those formulas may refer to empty cells.

You can turn the GETPIVOTDATA feature off on the Analyze tab, by clicking the drop down arrow next to the Options button and clicking the check mark off of Generate GetPivotData.

What if instead of using the % Prev Year column, we created a calculated field for this number. Let’s see if things match up.

Well, obviously they don’t! Our calculated field is correct. The other field which was already in our Source Data simply added up all of the percentage numbers. It is important to know whether calculations should be done as calculated fields in the PivotTable or simply as an additional column in the source data. Try it out and practice with your pivot data.

]]>Download InteractiveExcelCharts.xlsx and follow along.

**Set up your worksheets and check your data.**

Name the worksheet where you will place your charts, data, and other source information you’ll use for the chart selector. Make sure your charting data is in good shape:

- No completely blank rows or columns
- Each column has a column title
- Columns contain consistent data, such as all currency values, all percentages, all dates

**Format/Create your charts.**

In the sample, we have already created six charts. Creating the interactivity later is easier if all charts are on the same worksheet. Place the charts in their own column and position so that there is at least one row between each chart and on either side, creating a frame.

**Create a named range for each chart.**

Select the cells in which the chart is located (for example, N1:N24 for Chart1), then name the range. We named ours Chart1 through Chart 6.

**Create chart selection list and name the range.**

Create a list containing each chart’s title, being sure that the first name corresponds to Chart1, the second to Chart2, and so on. Let’s create a named range with the titles selected and call it ChartTitles.

**Create combo box control.**

Now to create our interactive chart selector worksheet, we need a way to tell Excel what chart to show. Add a new, blank worksheet and name it Chart Selector. Next, we will insert a form control called a combo box. It is a button that acts as a dropdown list for us to select our chart. This button is found in the Controls group on the Developer tab. Once selected, drag the crosshairs to draw it in the worksheet. Don’t worry too much about the size or dimensions of the box. You can adjust it later.

**Configure combo box control.**

To make the combo box show us our chart titles when we click the arrow, we’ll need to set the properties. Right-click the combo box and choose **Format Control** in the pop up menu. The **Form Control** window will open. It’s here that we want to tell it to find that named range we made for our chart titles. Just type the name into the **Input Range** field. Click in the **Cell link** field and choose any empty cell in the worksheet. Click **OK**. Now you’ll notice that the dropdown arrow reveals your list of chart titles. And choosing one, changes the number in that cell link cell (that’s A1 in our example).

**Correlate chart title list position with the chart named range using the CHOOSE function.**

Now that you have created a cell link, we can tell Excel to show a chart based on that chart number. Go to the Formulas tab and click on the Name Manager button. When the Name Manager window appears, choose New… We’ll name it ChartChoice. Using the CHOOSE function, create a formula that reads what’s in the cell link cell and associates it with a chart’s named range.

It should look something like this:

**=CHOOSE(‘Chart Selector’!$A$1,Chart1,Chart2,Chart3,Chart4,Chart5,Chart6)**

**Link chart named range to report location.**

Now, to link this to actually showing a chart, click the dropdown arrow in the name box in the upper left corner and click the first chart range. Copy, then paste it on the Chart Selector worksheet as a linked picture. Look up in the formula bar and you’ll see a formula representing the pasted chart. Change this to an equal sign followed by the new range name you created in step 8 above. In our example it was ChartChoice.

Test out your new creation! Select a chart and watch it pop up.

**Declutter the appearance**: Turn grid lines off on both worksheets to get rid of messy overlapping grid lines. And, hide the column that has your Cell link cell.

**Protect your hard work**: To make sure that nothing gets rearranged and that the workbook just allows the user to choose a chart, hide all the worksheets except the Chart Selector. Just right click the worksheet tab and choose hide. Now, unlock the Cell link cell, so that it can still be changed by the combo box form control. Finally, protect the sheet (password is optional). Uncheck the Select locked cells check box. This will allow users to only choose a chart and see their choice.

Download the solution file to see how you did! InteractiveExcelChartsSolution.xlsx

]]>A word of caution before we begin: The one thing you can be sure of, as new versions of Excel are released, is that VBA (Visual Basic for Applications) will change. What does this have to do with Excel macros? Regardless of how you create your macros, behind the scenes, VBA is created. So, while it’s true, if you’re the programmer type, you can write VBA to make your workbooks do just about anything, it is recommended that you use the Excel macro recorder for short, sweet, timesaving, error-reducing routines that give you back hours in your day and sanity in your processes.

Sometimes when you open a worksheet, you see pound signs (###) where there should be numeric data. Most of the time this is because the column is not wide enough to display the contents. A related problem is one where the rows are too short or too tall for the contents. Both of these issues can be solved with a crafty little macro that automatically right sizes columns and rows in a worksheet.

In general, before recording a macro, you will want to write down your steps. You can also type them into a Notepad or Wordpad file. Then, rehearse them so you are confident with the keystrokes. Make any modifications needed to your steps to accommodate how this macro might be used in the future. Then, you are ready to record it!

- Open up any worksheet with numerical data in it. Reduce the width of any one column with numeric data until you see the pound signs. Also, select a few worksheet rows and either make them too tall or too narrow.
- Practice the keystrokes you will record. They are:
- Cornerstone (selects all cells in the worksheet)
- Double-click between two column letters (look for two headed black arrow)
- Double-click between two row numbers (look for a two headed black arrow)
- Press Ctrl+Home to return to cell A1

- If this corrected your improperly sized columns and rows, you are ready to begin recording. Press Ctrl+Z or use the Undo button to return to its “problem” state, and try again.
- Once you’re confident with the steps, you can begin recording. On the View tab, in the Macros group on the far right of the View ribbon, click the Macros button and choose Record Macro….
- Name your macro. Use only alphanumeric characters and the underscore (_) symbol. We’ll call ours RightFitSheet.
- Assign a shortcut by pressing the keystrokes you would hit after pressing Ctrl. You’ll notice that’s already there. In our example, we’ll press Shift and F, to create the shortcut Ctrl+Shift+F. You can also add a button to your Quick Access Toolbar to run the macro after the fact.
- Record this in your Personal Macro Workbook to be able to run it on any worksheet you want.
- Type a description, or copy paste your “script” from Notepad or Wordpad right in here if its brief enough.
- Click OK.

- Repeat steps a-d in step 2 above.
- Click the stop button at the bottom in the Status Bar, or on the View tab in the Macros group by clicking the Macros button and Stop Recording.

Now go ahead and change the sizing on your worksheet in a different way and run your macro. No matter if your columns or rows are too tall or too small, your new macro should fix it!

]]>Download Pivot Table from Pivot Table.xlsx to work along.

- To accomplish the goal of reducing the amount of data to analyze in a Pivot Table, we can pivot our starting source data and add each desired field to Row Fields. In our example, we’d only like to take the columns through Sum of Warehouse 4.
- Things may look a little odd, right now, but in the next few steps this will all make sense. First let’s change the Design of our Pivot Table to Tabular Form. On the PivotTable Tools Design contextual tab, click the Report Layout button in the Layout group. Choose Tabular Form.
- Next, remove all Subtotals and Grand Totals by clicking on the Subtotals and Grand Totals combo buttons respectively to turn them off.
- Next, back on the Report Layout button, choose Repeat All Item Labels. This will give your worksheet a similar appearance as the original data source, minus the columns you didn’t want.
- Click in the middle of your Pivot Table and press Ctrl+A to select all data. Filter out any rows you don’t want, as well. In our case, we’ll take only the first 10 products.
- Perform a Paste Values operations into a new worksheet or workbook.
- Pivot this new dataset, which contains about ½ of the original data.

So, while we did not actually pivot a Pivot Table, we used the Pivot Table functionality to reduce the volume of source data to the amount we really wanted, performed a copy paste values, and pivoted that!

]]>See these formulas and functions in action by downloading: List of Excel Formulas.xlsx

**It’s Only Logical**

**IF**

Syntax: =IF(logical test,value if true,value if false)

How to read: If this is true, then this, otherwise this.

Uses: To create data where there isn’t any.

Example: if this year’s purchases are greater than last year’s, then we want to designate the status as “growth.” If this year’s purchase is less than last year, it should be designated as, “decline.” Our formula could look like this:

**AND**

Syntax: =AND(logical1,logical2,logical*n)*

How to read: This is true AND this is true AND this is true

Uses: To test whether all conditions expressed in each logical are accurate.

Say we continue our example above. If we need for the number of purchases to exceed 20 and the total purchases to equal greater than $50,000, we could create a formula in column C, if we recorded the number of purchases in column B.

The result will show either TRUE or FALSE. We could then use this new value to create an IF statement showing a Y or blank for the Premium? Column.

**OR**

Syntax: =OR(logical1,logical2,logical*n*)

How to read: This is true OR this is true OR this is true

Uses: To test whether any conditions expressed in each logical are accurate. If we reinterpret what “premium” means, for example either over 20 purchases or over $50,000 in purchases, it would look like this:

If any of the conditions are true, the cell value will be TRUE. With the AND function above, all of the conditions had to be true.

**That Depends! Conditional Functions**

**SUMIF**

Syntax: =SUMIF(range,criteria,sum range)

How to read: What range do you want to examine and for what criteria? When found, what do you want to sum?

Uses: To add up values in a particular range based on certain criteria.

Example: we have values from various locations. We only want to create a sum with those from Detroit. So our formula would look like this:

A2 through A14 is where we will find the value Detroit. The values we want to add are in B2 through B14. If we wanted to add up all values over $500,000, we could do that with a simpler SUMIF formula, because what we want to examine is the same thing we want to add. When that’s the case, you do not have to specify the sum range if it’s going to be the same as the range. That formula would look like this:

Do you notice the double quotes around the criteria? Unless your criteria is a single value or cell reference, it usually has to be enclosed in double quotes.

**SUMIFS**

Syntax: =SUMIFS(sum range,criteria range1,criteria1,criteria range2,critiera2,criteria range *n*,critiera*n*)

How to read: Add up this range if each of these criteria ranges satisfy their corresponding criteria.

Uses: To perform a SUMIF with more than one set of criteria. For example, if we extend our example above to include both sets of criteria, our SUMIFS formula would look like this:

In this case, you do have to specify B2 through B14 to evaluate whether the values are greater than $500,000, even though it is also the sum range.

**Cleaning up with Text Functions**

**TEXT**

Syntax: =TEXT(value,format text)

How to read: Put this numeric value in this text format.

Uses: To address the problem with zero front-filled values, like some zip codes.

Example: the original zip code column is formatted with a Special Format called Zip Code. However, when you try to use this column in a mail merge, you’re likely to get the values in the Actual Value column, which would be missing the zeroes on the front of the last zip code. By applying the text function and specifying the format as “00000”, the mail merge will actually use the zero front-filled number.

Notice the double quotes. These are required in order for Excel to recognize the format.

**TRIM**

Syntax: =TRIM(text)

How to read: Remove all leading and trailing spaces from this value, leaving only single spaces between words.

Uses: When values in one list are supposed to match another, but don’t, it can be due to leading and/or trailing spaces. Using the TRIM function will help.

Note: To finish up, you may want to perform a Copy/Paste Values to permanently change the values in the cell.

Example: we use a formula that declares G2=F2. Some work and some don’t in column H. Though it might not seem obvious, stray spaces are causing FALSE declarations. However, when we attempt =I2=F2 the first column of names is shown at equal to the second (column J).

Think of this list as a starter kit for a strong foundation in Excel and continue to practice different scenarios and building logicals and conditionals in your Excel sheets.

]]>To work along, download ExcelTimesheetFormulas.xlsx

Excel interprets dates and times as numbers. You might see 6/30/2016, but Excel is treating it as 42,551. To be precise, that’s 42,551 days after January 1, 1900. All dates from that date forward are assigned a sequential serial number. And then there’s time. You might type in 8:30 AM, but Excel treats it as 0.354167. This decimal value represents a fraction of a 24-hour day. If you multiplied 24 by this number you would get 8.5 hours which is what 8:30 means. To be clear, if you entered 8:30 PM, you’d get a different number. 0.854167. Multiply that by 24 and you get 20.5. On a 24 hour clock 20 is 8:00 PM and, of course .5 of an hour is 30 minutes.

It is important that dates and times be entered in the appropriate format in order to perform calculations on them. You’ll know if you have done it correctly because it will automatically right justify. If you think about it, when you enter a text value, it automatically left justifies by default. So, if you enter times and dates and they left justify, you will need to correct your data entry. Try entering times in the yellow cells on the Basics worksheet; see if it gives you both the decimal time value and the calculated value in the blue cells.

Not everyone is lucky enough to get their data imports in the right condition for Excel to use. So you have the TIME function to help work with the data the way you get it. For example, let’s say you get these in 4 different cells, in columns titled Hour, Minute, Seconds, AM/PM. With the TIME function you could reassemble this data into a valid time that Excel could use to calculate payable or billable time. If you input this formula on row 2 of the HOURS worksheet: =TIME(A2,B2,C2)

You should get the correct time. However, if you copy it down to the next row, the time will incorrectly show the AM value, rather than the PM value. We need to add some IF logic to help Excel determine what the real time value should be.

=IF(D3=”PM”,TIME(A3+12,B3,C3),TIME(A3,B3,C3)

Let’s break that apart to see what we’re really saying here. If D3, contains the text “PM”, then add 12 to give the correct time. (Remember our 20.5 value from above that was evaluated as 8:30 PM?). Otherwise, just do the basic TIME calculation.

With the way Excel works with time and date data, calculating payroll should work just fine, unless you have different calculations for overtime. If you calculate overtime as any number of hours over 8 hours in a day, simply subtracting your starting time from your finishing time would not provide you with the right information. First of all, if we do that and there was a day where no time was entered, such as in our example, on Sunday, the result shows as 12:00 AM. We’ll use the Clear Format button to get this column at least displaying correctly.

Now we can multiply it by 24 in column F, then, test to see whether it is greater than 8 in column G. If it is, then we can subtract 8 from the total time to get the overtime amount. To test if the value is greater than 8, the formula is simply F2>8, which will resolve to either TRUE or FALSE. We can write an IF statement in column H to determine if the day has overtime hours, and if it does to show the difference between total hours and 8, otherwise 0: =IF(G2=FALSE,0,F2-8)

How did you do? Check out your results in the solutions file: ExcelTimesheetFormulasSolution.xlsx