WEBVTT
Kind: captions
Language: en
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In addition to your total
business expenses and profit,
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it’s also important to determine the
costs for each individual product.
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This information helps you
keep your business on track.
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In this video, you will use a summary
table to calculate your total expenses.
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To start, insert 4 rows at
the top of your spreadsheet.
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Label the rows: *Total Out-of-Pocket Costs...
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...Total Gross Sales*, and
*Total Profit*.
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Adjust the width of the column,
so the headings fit on 1 line.
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To find the total estimated cost for each of
these items, use the *SUM function*.
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The SUM function adds a range of numbers to find
your business’s total costs, sales, and profits.
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To start, click the first cell in
*“Total Out-of-Pocket Costs”*.
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Then, type an equals sign.
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To insert the SUM function, type in
*"S-U-M"* and select it from the menu.
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Next, select the entire
*Out-of-Pocket costs column*.
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The cells you highlight appear between
the parentheses in the function.
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Edit the formula to begin
at the row of listed items.
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In this example, the first list item begins in
column H, row 6, so the cell reference is H6.
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Press enter.
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The cell now contains the total
estimated costs for your business.
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If you add more line items later,
the formula will also work for those.
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Use the SUM function again to
calculate *Gross Sales*.
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Type the formula into the cell next
to *Total Gross Sales*.
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Then, repeat the steps to calculate *Total
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Profit* by adding the amounts
in the *Profit column*.
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Imagine how long it would take
you to calculate all those numbers
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and percentages without the SUM function tool.
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Every time a number changed, you would
have to redo all the calculations.
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Using a spreadsheet saves time and effort
and reduces the chance of making a mistake.
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Plus, the functions in your spreadsheet enable
you to see the financial health of your business.
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The summary table is an important
tool and should be easy to see.
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If it’s not bold already, change the font style.