Streamline Your Workflow with a Payment Template Excel for Quality Assurance

Payment template excel for Quality Assurance

the process of paying of the remaining balance on credit card account is referred to as credit card payoff because highin credit card balances can quickly build up and become a big financial burden paying off your credit card debt is an important Financial objective hey there Excel enthusiasts welcome to excel Demi your goto destination for mastering Excel and Excel VBA related challenges I'm shahra rafid and in today's video I'll be showing a detail guide on how to create a credit card payoff sprad spreadsheet in Excel so let's roll up our slaves and get [Music] started for this tutorial I'll be using Microsoft Excel 365 before creating the payoff spread sheet we must know what credit card payoff is when you use a credit card to buy things or get cash you are basically borrowing money from the company that's gave you the card this borrowed money adds up as a d on your credit card the credit card company usually makes you pay extra money called interest on this Deb until you have paid it all back to pay off your credit card you have to keep giving the credit card company money regularly this money helps you pay off the Deb until it's fully repaid in this method I'll use the iner function to calculate the number of payments to pay off the Deb then I'll apply the sequence function to autop populate the number of months in the data set finally I'll Implement sub generic formulas to create a credit card payoff spreadsheet in Excel firstly type the column headings I'll insert four different columns first Insel B4 I'll write month in the next column payment then interest lastly balance let's format them select s cells in the B4 to E4 range press contrl + B to make them bold click on middle align and Center align icons to align them perfectly increase the font size to 12 apply a field color to them I'm applying orange accent to lighter 80% also I'm applying all borders to the range secondly type the headings for depth information in cell G4 I'll write product price our assumption is that we are using the total Deb to buy a product so this amount equals to the total depth let's take it 169 USD yearly interest rate annual interest rate set by industry standards I'm inserting it as 19% monthly payment the amount of payment will make per month month assume I want to pay a monthly amount of $100 number of payments we'll find this value using the ner function now select cell B4 then go to the Home tab in the clipboard section click on format painter option it copies the formatting of the selected cell now take the icon to cell G4 and apply the copied formatting to G4 to G7 range and I'll apply all borders to the H4 to H7 range also in cell H7 insert the formula to determine the number of months place an equal sign here I'll use the iner function press tab to select the function as the rate argument I'll insert H5 / by 12 comma as the PMT argument I'll insert minus H6 comma as the PV argument I'll insert H4 close the parenthesis firstly I have divided the interest rate by 12 to find the monthly interest rate from the yearly interest rate then I put a negative sign with the monthly payment amount in cell H6 to indicate it as a negative cash flow lastly I use the product price as the present value press enter afterward type another formula Insel B5 equal to here I'll use the sequence function press tab as the rose argument I'll use another function round as the number argument of the round function I'll select cell H7 comma as num digit argument I'll insert zero close the parenthesis again closing the parenthesis press enter and this formula will autofill the number of months by incrementing by one here I use the round function to round the number of payments value by payment in column C I'm referring to the previously specified monthly payment value in cell C5 use the formula equal to cell H6 here I'll use the absolute reference press enter select cell C5 and bring the cursor to the right bottom corner of the cell is the field handle tool now double click on it to copy the formula to the rest of the cells next I'll find the initial balance by typing formula in cell E5 equal to H4 minus C5 press enter to find the interest amount accured for each month I'll use a formula insult D5 equal to E5 into H5 here I'll use the absolute referencing divided by 12 I'm dividing the yearly interest rate by 12 to use the monthly interest rate value more however if you need to calculate the daily interest rate then you will need to divide it by 365 press enter and use the field handle after after that let's add the interest amount to find the balance for the rest of the sales in cell E6 type equal to E5 plus D5 minus C6 here I'm adding previous month's balance with that month's interest and subtracting current month's payment from the amount that's how I have got the present balance also here I'll use the field handle to copy the formula to the rest of the sales as the data is long enough I'll collapse the ribbon to show it in the display right click on the ribbon select collapse the ribbon now we can see the whole data set here I'll apply all borders to the data range again I'll bring the ribbon back on to do this click on any tabe on the ribbon again select call the ribbon option and that's it now if you change any of the values the spreadsheet will will change ingly let's change the monthly payment amount in cell H6 to $200 press enter you can see that there are extra rows from my previous steps but why is this happening you saw that I increased the payment amount from $100 to $200 when you increase your payment amount beyond the minimum requir you start to pay down the principal balance more quickly this reduces the amount on which interest is calculated so the total date can be paid in a lesser number of months now I'll use a simple VBA code to hide the rows that have empty values in column B to do so right click on the sheet name and select view code from the context menu it will open the Microsoft Visual Basic for applications window and you can see a code module inserted for this particular sheet the code you enter here will be applicable for that sheet only now I'll paste my vva code into the module we'll find the code from the article Link in the description box to begin with I'm using a private sub procedure as I on call this outside of this module then I declared the variable type after that it will go through the cell range B7 to be 100 using a for each next Loop here the first range value is set to B7 as I want to keep the rows up to this intact next if any cell value within that range is blank then the code will set the entire row. hidden property to True consequently this will hide the rows else the rows will be visible you don't need to run this code this code will work automatically upon changing the parameters of the credit card let's close the VV editor now if I change the value to $150 and press enter look the data set is changed and the extra row got hidden again if I change it to 200 again the number number of rows get lessened so we can understand that if we change any values the code will be executed and it will hide the rows in this method I'll incorporate a downloadable template from Microsoft to create a credit card payoff spreadsheet in Excel go to the file tab select the new option in the left side panel in the search box type credit card and press enter alternatively press all FN then s to activate the search feature for creating a new workbook based on a template and enter here select credit card payoff calculator from the search result afterward click on create it will create a credit card payoff spreadsheet now I can input different values and it will show the number of months required to pay off the date and the total amount of Interest let's minimize the ribbon here you can insert the balance the interest rate the minimum monthly payment and the proposed monthly payment and the corresponding results will be shown here also you can see the comparison of minimum payment and propose payment in terms of months to payoff and total interest in two different graphs in this tutorial I have shown two methods to create a credit card payoff spreadsheet in Excel use the one which comes in handy for you download the workbook from the description box so you can practice it yourself if you have any questions suggestions or feedback please let us know in the comment section or you can have a glance at xld me.com if you like this video consider subscribing and click the Bell icon thanks for watching