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Budget Tracker Spreadsheet Guide

The document outlines the setup and functionality of a Budget Tracker spreadsheet, including columns for item description, category, estimated and actual costs, difference, and status. It provides sample data entries, formulas for calculating differences and determining status, and instructions for creating a summary sheet and chart. Additionally, it includes steps for applying conditional formatting and documenting the formulas used.

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jerryguo0321
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4 views2 pages

Budget Tracker Spreadsheet Guide

The document outlines the setup and functionality of a Budget Tracker spreadsheet, including columns for item description, category, estimated and actual costs, difference, and status. It provides sample data entries, formulas for calculating differences and determining status, and instructions for creating a summary sheet and chart. Additionally, it includes steps for applying conditional formatting and documenting the formulas used.

Uploaded by

jerryguo0321
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Answers for the Budget Tracker Exercise

1. Spreadsheet Setup:
 Sheet Name: "Budget Tracker"
 Columns Created:
o A: Item Description
o B: Category
o C: Estimated Cost
o D: Actual Cost
o E: Difference
o F: Status
2. Sample Data Entry: Here’s an example of how the data might look:
Item Description Category Estimated Cost Actual Cost Difference Status
Venue Rental Venue 2000 1800 200 Under Budget
Catering Catering 1500 1600 -100 Over Budget
Entertainment Entertainment 800 800 0 On Budget
Marketing Marketing 600 500 100 Under Budget
Miscellaneou
Supplies 300 350 -50 Over Budget
s
Miscellaneou
Decorations 400 300 100 Under Budget
s
Miscellaneou
Staff 1000 1200 -200 Over Budget
s
Miscellaneou
Insurance 500 500 0 On Budget
s
Miscellaneou
Permits 200 250 -50 Over Budget
s
Miscellaneou
Miscellaneous 100 80 20 Under Budget
s
3. Calculating Difference:
 Formula for Difference (Cell E2):
=C2-D2
 Drag down from E2 to fill the rest of the column.
4. Determining Status:
 Formula for Status (Cell F2):
=IF(E2>0, "Under Budget", IF(E2=0, "On Budget", "Over Budget"))
 Drag down from F2 to fill the rest of the column.
5. Summary Sheet:
 Create a new sheet named "Summary" and enter:
Description Total
Total Estimated
=SUM('Budget Tracker'!C2:C11)
Cost
Total Actual Cost =SUM('Budget Tracker'!D2:D11)
Total Difference =SUM('Budget Tracker'!E2:E11)
6. Creating a Chart:
 Select the Total Estimated Cost and Total Actual Cost from the Summary sheet.
 Insert a bar chart to compare the two totals.
7. Conditional Formatting:
 Apply conditional formatting to the "Status" column:
o Highlight "Under Budget" in green.
o Highlight "On Budget" in yellow.
o Highlight "Over Budget" in red.
8. Documentation:
 Add a comment in cell F2 explaining the nested IF function used for determining the
status:
o "This formula categorizes the budget status based on the difference between
estimated and actual costs."
Final Submission:
 Save the workbook as "Event_Budget_Tracker.xlsx".

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