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Default daily tracking of expenses

We're trying to keep track of our budget expenses, so i wrote up a
spreadsheet to calculate how much were spending on each item. Everytime we
make a transaction i'll enter it on a new row in excel, but have a number of
colums to put the cost of what we spent.... ie. groceries, bills, fun..
etc.... then on the right, the totals for each one....
what i'm asking is, is it somehow possible to have only one column beside
what we spent money on and put a code letter in it to specify what it was
for... G for groceries, F for fun etc.... then have a formula to calculate
the sum of all the rows with F as the code letter... just to eliminate having
7+ columns taking up space...

here's a pic of my spreadsheet
http://ca.pg.photos.yahoo.com/ph/zer...w2ydFBKXmZ4Awd

any help would be greatly appreciated.... thank you....
 
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