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Deanna
 
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Default formula to calculate sales tax from total sales

My husband and I just opened a business and I have created a chart on excel
for us to track daily sales but also to figure sales tax so we know what to
send the IRS each month. We have been figuring the sales tax ourselves and
filling in the chart on excel but I would like to create a formula that
automatically does it for me based on total sales.
  #2   Report Post  
Paul B
 
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Deanna, would total sale times sale tax rate work?

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Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"Deanna" wrote in message
...
My husband and I just opened a business and I have created a chart on

excel
for us to track daily sales but also to figure sales tax so we know what

to
send the IRS each month. We have been figuring the sales tax ourselves

and
filling in the chart on excel but I would like to create a formula that
automatically does it for me based on total sales.



  #3   Report Post  
dak818
 
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Hi Paul, I am afraid I don't understand. I want to take cash and credit
card sales and be able to figure out what we owe the Dept. of Revenue each
month. It is not a problem for us to tabulate this figure for ourselves; I
just figured that with excel there would be some formula I could put in for
it to do it automatically. Our tax rate is 7%. Thanks for any information
you may offer.

"Paul B" wrote:

Deanna, would total sale times sale tax rate work?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"Deanna" wrote in message
...
My husband and I just opened a business and I have created a chart on

excel
for us to track daily sales but also to figure sales tax so we know what

to
send the IRS each month. We have been figuring the sales tax ourselves

and
filling in the chart on excel but I would like to create a formula that
automatically does it for me based on total sales.




  #4   Report Post  
Paul B
 
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Deanna, maybe I am missing something here, but with you total in A1 this
will give you 7% of that =A1*0.07, is this what you need?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"dak818" wrote in message
...
Hi Paul, I am afraid I don't understand. I want to take cash and credit
card sales and be able to figure out what we owe the Dept. of Revenue each
month. It is not a problem for us to tabulate this figure for ourselves;

I
just figured that with excel there would be some formula I could put in

for
it to do it automatically. Our tax rate is 7%. Thanks for any

information
you may offer.

"Paul B" wrote:

Deanna, would total sale times sale tax rate work?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"Deanna" wrote in message
...
My husband and I just opened a business and I have created a chart on

excel
for us to track daily sales but also to figure sales tax so we know

what
to
send the IRS each month. We have been figuring the sales tax

ourselves
and
filling in the chart on excel but I would like to create a formula

that
automatically does it for me based on total sales.






  #5   Report Post  
dak818
 
Posts: n/a
Default

Thank you Paul!!!!! That did it! Simple as it was; I could not discover
this on my own! Thanks a bunch!

"Paul B" wrote:

Deanna, maybe I am missing something here, but with you total in A1 this
will give you 7% of that =A1*0.07, is this what you need?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"dak818" wrote in message
...
Hi Paul, I am afraid I don't understand. I want to take cash and credit
card sales and be able to figure out what we owe the Dept. of Revenue each
month. It is not a problem for us to tabulate this figure for ourselves;

I
just figured that with excel there would be some formula I could put in

for
it to do it automatically. Our tax rate is 7%. Thanks for any

information
you may offer.

"Paul B" wrote:

Deanna, would total sale times sale tax rate work?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"Deanna" wrote in message
...
My husband and I just opened a business and I have created a chart on
excel
for us to track daily sales but also to figure sales tax so we know

what
to
send the IRS each month. We have been figuring the sales tax

ourselves
and
filling in the chart on excel but I would like to create a formula

that
automatically does it for me based on total sales.








  #6   Report Post  
Paul B
 
Posts: n/a
Default

Your welcome

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"dak818" wrote in message
...
Thank you Paul!!!!! That did it! Simple as it was; I could not discover
this on my own! Thanks a bunch!

"Paul B" wrote:

Deanna, maybe I am missing something here, but with you total in A1 this
will give you 7% of that =A1*0.07, is this what you need?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"dak818" wrote in message
...
Hi Paul, I am afraid I don't understand. I want to take cash and

credit
card sales and be able to figure out what we owe the Dept. of Revenue

each
month. It is not a problem for us to tabulate this figure for

ourselves;
I
just figured that with excel there would be some formula I could put

in
for
it to do it automatically. Our tax rate is 7%. Thanks for any

information
you may offer.

"Paul B" wrote:

Deanna, would total sale times sale tax rate work?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit

from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"Deanna" wrote in message
...
My husband and I just opened a business and I have created a chart

on
excel
for us to track daily sales but also to figure sales tax so we

know
what
to
send the IRS each month. We have been figuring the sales tax

ourselves
and
filling in the chart on excel but I would like to create a formula

that
automatically does it for me based on total sales.








  #7   Report Post  
Evan
 
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Default

This is wrong. The number you are looking for is A1-(A1/1.07) NOT A1*7

"Paul B" wrote:

Your welcome

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"dak818" wrote in message
...
Thank you Paul!!!!! That did it! Simple as it was; I could not discover
this on my own! Thanks a bunch!

"Paul B" wrote:

Deanna, maybe I am missing something here, but with you total in A1 this
will give you 7% of that =A1*0.07, is this what you need?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"dak818" wrote in message
...
Hi Paul, I am afraid I don't understand. I want to take cash and

credit
card sales and be able to figure out what we owe the Dept. of Revenue

each
month. It is not a problem for us to tabulate this figure for

ourselves;
I
just figured that with excel there would be some formula I could put

in
for
it to do it automatically. Our tax rate is 7%. Thanks for any
information
you may offer.

"Paul B" wrote:

Deanna, would total sale times sale tax rate work?

--
Paul B
Always backup your data before trying something new
Please post any response to the newsgroups so others can benefit

from it
Feedback on answers is always appreciated!
Using Excel 2002 & 2003

"Deanna" wrote in message
...
My husband and I just opened a business and I have created a chart

on
excel
for us to track daily sales but also to figure sales tax so we

know
what
to
send the IRS each month. We have been figuring the sales tax
ourselves
and
filling in the chart on excel but I would like to create a formula
that
automatically does it for me based on total sales.









  #8   Report Post  
Harlan Grove
 
Posts: n/a
Default

Evan wrote...
This is wrong. The number you are looking for is A1-(A1/1.07) NOT A1*7

....

You mean 'NOT A1*7%'.

You're probably correct. If the OP's total receipts already include 7%
sales tax, then the total receipts equal sales revenue plus sales tax,
and sales tax would be 7% of sales revenue rather than total receipts.
7% of total receipts is higher than 7% of sales revenue, so A1*0.07
would overstate sales tax. This is perhaps a bit clearer to see by
rewriting the correct formula as A1*0.07/1.07.

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