Anyone good at maths?!!

[louquest]

I didn't know where else to post this - I can't find a topic entitled 'maths' or similar!

I have a total gross figure of �170.03. I would normally have the net figure but I don't. I need to find out what the net figure is, then add 5% VAT then once I've got that I need to work what 80% of the 5% VAT is!

With me so far?!!

I just started a new job and they are still using ledgers for bookkeeping. Not only that, they've mislaid loads of original invoices so it's not as if I can look them out and get the answer I need. I normally use accounting software don't have to worry about this stuff! Until we get computerised I need to find out the formulas for calculating the net figures when I can't find the invoices.

Any ideas?

[gen2]

If your VAT is 5% then the Gross figure represents 105%

The Net value is therefore the gross figure divided by 1.05


Subtract your calculated Net value from the Gross value and that is your VAT.

80% of the VAT will be the VAT multiplied by 0.8

[gen2]

Here is a worked example:

If the Gross value is �21 then the Net value = 21 / 1.05
= �20

VAT = �1

80% of VAT = 80% of �1 = 80p

[louquest]

Thank you so much for that! It's a long time since I was at school and fractions & percentages were a foreign language to me! I have calculated that the net of �107.03 is �101.93, that 5% VAT is �5.10 and 80% of that is �4.08.

I will pop that little calculation tip into my 'Help' book where I can refer it the next time I have to work out the net with a 5% VAT.! If I don't I'll forget how to do it.

The girl I work with only knew the forumula to calculate the net from the gross with a VAT of 17.5%. Using the calculator, it was: Gross x 7=whatever/47=the VAT. Then you just subtract the VAT from the gross to get the net.

I just wondered if there was a similar formula for working out the 5% but yours will do fine!

Many thanks again. So glad we have the internet - it's so embarrassing to having to admit your hopeless with fractions and percentages. Once I know the formulae I'm fine!

[workshy]

I would point out that you said your gross was �170.03
but your calculation is based on a gross of �107.03.

[gen2]

OK

I gave you a formula to calculate the Net and subtract to get the VAT

If you prefer to calculate the VAT first then the formula is simply
VAT = Gross divided by 21

[louquest]

That's what I get for doing this stuff at the end of a long day!
I transposed the 70 to 07 and all hell let loose! LOL! Thanks for that, I'll recalculate on the correct figure and thanks for the wee tip!

[derrynoose]

Love your "Help" book idea!

[louquest]

For anyone who finds this thread asking for similar help, someone just told me that I could also use this formula for calculating the net for a 5%:

Where 7/47 was used for 17.5, I would use 1/21 for 5%.
I don't know why, but it works. If someone could enlighten me........!