Using Percent

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Traci - 19 Mar 2008 15:58 GMT

I am setting up payroll, in the first cell is gross wages, the next cell
calculates gross wages by 6.2%. =product(K5,6.2%)Each pay period is a row,
so at the end of the month I have the totals for each column, however, when
the column adds the numbers in the cells that calculated the gross wages by
6.2% it is off by a penny. Not all the time is it off, just here and there.
I have tried using .062 instead of the percent sign and no luck there.
Thanks for any help!!

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Traci

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Gary''s Student - 19 Mar 2008 17:27 GMT

=ROUND(PRODUCT(K5,6.2%),2)

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Gary''s Student - gsnu200774

> I am setting up payroll, in the first cell is gross wages, the next cell
> calculates gross wages by 6.2%. =product(K5,6.2%)Each pay period is a row,
[quoted text clipped - 3 lines]
> I have tried using .062 instead of the percent sign and no luck there.
> Thanks for any help!!

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GuruGirl - 23 Mar 2008 04:01 GMT

If you are an accountant you will not want to use the ROUND function any
longer in Excel 2007. The reason is that the round function does not
properly apply the 4/5 rounding convention for financial calculations.

if you try to trick it by using additional digits such as =round(a1,3)
instead of 2, your %'s or totals will not equal 100%.

This is very aggravating, and there is no way to consistently and accurately
round to the 4/5 convention.

Do not use the Round function if you are calculating financial results with
large numbers, your results will contain errors.

> =ROUND(PRODUCT(K5,6.2%),2)
>
[quoted text clipped - 5 lines]
> > I have tried using .062 instead of the percent sign and no luck there.
> > Thanks for any help!!

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