WEBVTT
Kind: captions
Language: en
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In addition to your total business expenses
and profit, it’s also important to determine
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the costs for each individual product.
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This information helps 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 four 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 one line.
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To find the total estimated cost for each
of these items, use the SUM function.
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A function is a pre-made formula that you
can insert into a spreadsheet.
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The SUM function adds a range of numbers to
find your business’s total costs, sales,
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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 item begins
in column H, row 6, so the cell reference
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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
Profit by adding the amounts in the Profit
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column.
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Imagine how long it would take you to calculate
all those numbers and percentages without
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the SUM 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.
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Now, it’s your turn:
Insert and label four rows at the top of your
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spreadsheet for Total Out-of-Pocket Costs,
Total Gross Sales, and Total Profit.
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Create a summary table for these items.
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And use the SUM function to find totals for
each new calculation.