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finance

Postby Sara_platermen112 » Wed Oct 15, 2008 4:25 pm

I have nearly finished the staff development course that i am doing at the moment and want to do something else. my job role is more on the finance side of things however this doesnt mean i am good at maths, i kind of just got moved into this departmnent then took the finance side on.

So i thought maybe book keeping level 1 course - does anyone know what is invloved in this course such as - is there lots of adding an multiplying invloveD? i cant do this to save my life im sure im dislexic in a maths way. i dont know how to take vat off things i use an online site thing lol then add the % on tosee if it adds up right. xxxx
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Postby dipsydoodlenoodle » Thu Oct 16, 2008 9:20 am

Well I don’t know about book keeping but I can help with the VAT thing; lol.

You have X amount.

VAT = 17.5%

X divided by 100, gives you 1% of X

Now use your 1% of X and multiply by 17.5 = 17.5% of X

Therefore original X minus 17.5% of X = Original X minus VAT.


The trick is what ever original value you have divide it by 100 to give you 1% worth of the original value; you can then multiply this value by ANY number to get that percentage or the original number.

e.g. I bought a book for £250 and I need to take VAT (17.5%) off it.
(I’m using £250 as it’s a bit of a harder number to get your head around than a straight 100 or 200).

So I start with £250 divide by 100 = 2.5

So 1% of £250 is £2.50

Now £2.50 x 17.5 = £43.75

£43.75 is 17.5% of £250

So we have £250 minus £43.75 = £206.25

Therefore the "new" total amount is £206.25


If you need any help with maths problems you can give me a pm and I'll try my best to help you. I used to love maths :-) *geek*
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Postby snail » Thu Oct 16, 2008 10:37 am

Brilliant, Dipsy, except that VAT is not added to books, lol. :lol:
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Postby Sara_platermen112 » Thu Oct 16, 2008 11:06 am

Haha this is great!!

Thanks so much i understand it now!!!!!!! woooooooooooo xxxxxxxxx
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Postby dipsydoodlenoodle » Fri Oct 17, 2008 8:59 am

I know snail, it was just an example of an object to buy :P :-k

Glad to have been of assistance :-) there are far harder ways of working it out but I don't see the point really, like I said once you get 1% of the number you can then multiply it by any number to get that percentage; it's by far the least complicated way of doing it (and the way I do it).
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Postby Sara_platermen112 » Fri Oct 24, 2008 11:34 am

right so i have -

£2,772 to invoice

£2,772 devided by 100 = 27.72. £27.72 x 17.5 = 485.1 so £2,286.90??????????


wellllllllllllllll - i did it on my usual vat website and it is completely different - it says the total should be £2,359.15 whats happened here then? what have i done wrong? xxx
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Postby rufio89 » Fri Oct 24, 2008 11:39 am

The problem is:

VAT is worked out from the price before VAT on your website, so 17.5% of the cost before VAT is added, whereas your calculation is 17.5% of the cost after VAT
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Postby Sara_platermen112 » Fri Oct 24, 2008 12:41 pm

oh still confused lol. shouldnt they still total the same though? xxxxxx
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Postby rufio89 » Fri Oct 24, 2008 1:36 pm

roughly the same, but say somethings £100 with VAT, and therefore £82.50 without VAT.

VAT of the price with VAT is £17.50
VAT of the price before VAT is £14.87

Does that make sense?
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Postby dipsydoodlenoodle » Fri Oct 24, 2008 3:48 pm

I think what Ruth was trying to explain is

£100/100 = £1
£1 x 17.5% = £17.50
Which is the VAT of the price with VAT added?
Therefore £100 - £17.50 = £82.50 which is the price of the object without any VAT at all.

Now the VAT of the object (the object without VAT)

£82.50/100 = £0.825
£0.825 x 17.5% = £14.44
This is the VAT of the object’s price.

(Ruth’s £14.87 and my £14.44 are the same, its just rounding errors which have caused the differences.)

But I don’t understand why Ruth has done that…
So the object was £85.50 without VAT, yet £85.50 + £14.44 = £100 :) (ignoring the few pennies difference)


I can explain it again…see I thought you had an amount and you needed to work out how to add the VAT on…

So let’s try this, see if it works…

Object A: = £100 (with VAT included), we need to find out how much it is minus VAT.

So £100 is the full cost (100%) plus VAT (17.5%)
So £100 = 117.5%
So the same as before £100 divided by 117.5% gives us £0.85106

So £0.85106 is 1%

Now 1% x 100% (to give you the original value)
£0.85106 x 100% = £85.11
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Postby dipsydoodlenoodle » Fri Oct 24, 2008 3:54 pm

Trying it with your £2772

I’m going to say £2772 is for a ball, because I find it easier using objects hehe

£2772 = the price with VAT already added (i.e. 117.5% of the total cost of the ball)

£2772 divided by 117.5% = £23.591489 (which is 1%).

£23.591489 x 100% = £2359.1489 which is the total amount minus VAT (i.e. 100% = £2359.15).

£2772 - £2359.15 = £412.85

So the VAT is worth £412.85

The £2359.15 is exactly the same as your VAT site said (YAY), I typed it on word so had to come back to check it lol
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Postby dipsydoodlenoodle » Fri Oct 24, 2008 3:56 pm

If you have any amount of money and you know its 135% or 117.5% or 200% its easy enough to work out any percentage of the number you want, all you need to to is divide by money by the number of % you have which will always give you 1% then you can multiply it by any number to give you that percent.
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Postby peecee » Fri Oct 24, 2008 10:22 pm

I like to do things the easy way, too. :D The way I work out the VAT content is to multiply the gross figure by 7, then divide by 47. I don't know why - it's something my boss told me a billion years ago, and I never asked why!!

So a gross figure of £100 x 7 = £700. Divide £700 by 47 = a VAT figure of £14.89, leaving a net figure of £85.11.

Try it the other way round - multiply £85.11 by 17.5% = £14.89 VAT, adding up to a gross figure of £100.

However!!! I got a dismal FAIL in my maths o'level, and in my last job I managed to wriggle out of doing a bookkeeping course because it bores me to tears, yet I ended up doing all my present company's number-crunching. I'm good enough at it, but it still bores me to tears! :cry:

It's worth having a look at doing a course if you simply want to become more numerate, but also because English and maths come in handy in any job you take on - I think the idea is that they help you with adding and multiplying, so you don't need to worry that you can't do it!
Will your company pay for some training? Will you be brave enough to get out of it if you decide it's not for you? Would you like my job...? :wink:


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Postby brfc » Sun Oct 26, 2008 8:45 am

shakes his head :o . heres my equation ( 2 early in the morning x 2 many numbers x 1 baffled brfc = what im thinking at this mo about this post. lol :D
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Postby Sara_platermen112 » Mon Oct 27, 2008 1:36 pm

lol thanks so much for all your replies. I'm starting to get it now. Im thick an need things drilling into my head over an over again lol.

Where i work is a university an always like paying for staff training. with me just completing my other course i thought on something else - obviously needs to be job related therefore i thought bookkeeping will really help me, but i'm not clever enough in maths and i dont know what it covers like do you need to do a lot of adding up blah blah blah lol. What job do you do? xx
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