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Enhance your spreadsheet by incorporating a summary section that consolidates the total estimated costs, actual costs, remaining funds, and contingency, providing a comprehensive overview of your project’s financial standing. Begin by inserting eight new rows at the top of your spreadsheet to accommodate the summary section. Label four of these rows in column A with headings such as total estimated cost, total actual cost, remaining money, and contingency, ensuring these headings are bold for clarity.
Utilize the SUM function to calculate the total estimated costs by clicking the first cell in the total estimated cost row, typing an equals sign, and selecting SUM from the menu of functions. Choose the entire column labeled Estimated Cost, adjust the formula to start at the row where the list of items begins, and hit enter. Repeat these steps for total actual cost using the SUM function and the Actual Cost column. Calculate the total remaining money using the Net column data. Additionally, incorporate a contingency to allow room for unexpected issues, using a multiplication formula to determine the percentage of the total budget held in reserve. Utilize these formulas to efficiently assess the financial health of your project, saving time and minimizing the chance of errors. In the next video, you will implement conditional formatting to highlight negative numbers in red, adding further visual clarity to your budget sheet.