I spent 4 hours looking for someone to explain this correctly without the bs to someone new to the world of finance, thankyou my friend it sorted me out of a pickle.
Thank You. I was searching all over the internet to find a solution to help me with making sure I was calculating the profit margin for my customer. Want to stay fair with them.
Can you teach how to use a formula that include the shipping costs ? Thank you so much. Straight to the point and excelent explanation, this help me in so many ways
OMG I have been thinking about doing this to be more efficient. I literally was watching a video about selling something on Ebay and your video came in my feed right after. You are a savior man. You made this SO easy. I have always struggled with Excel. Cool video! Thank you.
Thank you very much! I appreciate the kind words. Here is a related video on how to calculate the sale price when you have a cost price and a desired profit margin. I hope it helps as well! ruclips.net/video/CLgQCo5U6eI/видео.html
@@TechEazeCanada I practiced this today. I opened a sheet and paused each step as I mimicked you. I did this to practice and make a pracrice sheet. I even went further and titled profit, fees, etc. I color coded and all. My bar code scanner scanned the SKUS and the entire SKU shows in the formula bar. However, in the body of the cell it is partial with +11 taking up part of the bar code. Is there a setting to match what appears in the formula bar? Once again thank you. This is SO helpful and gives me the confidence I need to make a professional sheet of inventory. As opposed to looking at what I sold on Ebay and PayPal and looking at what I have left. YOUR AWESOME MAN!
Is there a way you can have your columns update these numbers automatically when you put the numbers in or do you need to manually put the formula in every time to get the percentages?
What happens when you enter "0" in the retail? you get a negative number in the profit and margin. I want to be able to enter ZERO or leave blank for stuff that hasn't sold yet and it is still in inventory without changing the profit into negative. how do you do that?
try IF functionto to zero calculated cells when Retail is 0 where Profit = Retail-Wholesale use IF(Retail=0,0,Retail-Wholesale) where Margin = Profit/Retail use IF(Retail=0,0,(Profit/Retail)
Can you please explain that 100% profit does not exist unless the cost is 0. I have a friend that doesnt understand that. He thinks if you doble your money your profit is 100%
how do you do that if you sell a software service with a subscription model? every video I see on youtube is explaining about selling a physical product
Thanks for the tip! I have one issue though - I have, say, -$98k revenue (retail in your case, don't ask me why money has been given back to customer) and $207k cost (wholesale in your case), so my profit is -$305k. How do I calculate the margin % then? Because the above formula gives me 310% and that's definitely not correct.
If it's a gross profit it's ok But if it's a net profit you got it all wrong because you can have a good gross profit but in the end of the month you will not be able to cover all your expenses and this is how people loose their business
Quick and easy-to-follow tutorial. Thank you for sharing your knowledge!
I spent 4 hours looking for someone to explain this correctly without the bs to someone new to the world of finance, thankyou my friend it sorted me out of a pickle.
Direct and straightforward. Thank you, Scott 🙏🏼
Thanks! Has been over 3 years since I learned about Margins and Markup prices for reselling.
Thank You. I was searching all over the internet to find a solution to help me with making sure I was calculating the profit margin for my customer. Want to stay fair with them.
Can you teach how to use a formula that include the shipping costs ? Thank you so much. Straight to the point and excelent explanation, this help me in so many ways
OMG I have been thinking about doing this to be more efficient. I literally was watching a video about selling something on Ebay and your video came in my feed right after. You are a savior man. You made this SO easy. I have always struggled with Excel. Cool video! Thank you.
Thank you very much! I appreciate the kind words. Here is a related video on how to calculate the sale price when you have a cost price and a desired profit margin. I hope it helps as well! ruclips.net/video/CLgQCo5U6eI/видео.html
@@TechEazeCanada I practiced this today. I opened a sheet and paused each step as I mimicked you. I did this to practice and make a pracrice sheet. I even went further and titled profit, fees, etc. I color coded and all. My bar code scanner scanned the SKUS and the entire SKU shows in the formula bar. However, in the body of the cell it is partial with +11 taking up part of the bar code. Is there a setting to match what appears in the formula bar? Once again thank you. This is SO helpful and gives me the confidence I need to make a professional sheet of inventory. As opposed to looking at what I sold on Ebay and PayPal and looking at what I have left. YOUR AWESOME MAN!
i knew this always just forgot the formula , thanks brother good work ,
Thank you! This was driving me crazy. Got it now.
THANKYOU SO MUCH BRO YOU HAVE SOLVED BIG PROBLEM
Happy to help!
Sooo helpful I always come back to this video
Happy to hear that!
Should I do the steps every time in the cells or automatically calculate the profit ?
I appreciate your help
Simple explanation, i am not a account person but understood it in one, thank you.
You're welcome!
Thank you, it's very helpful 😊
Thanks Scott
You're welcome!
Hello hope you are doing good, glad to see you making such educational videos, I need some help in profit/monthly position in excel please help me
thank you it was so helpful
very good explanation sir
So helpful and concise. Many thanks!
this helped alot thx alot sir
Thanks 👍
thank you Mr.Scott
Excellent work
Great video, thanks!
Very helpful. Thankyou so much.
Thanks, nice and clear
Helped me tremendously. Thank you!!
Glad I could help. :)
Thanks Scott... Legend
Very important
Thanks a lot
Thank you!!!
Amazing sir.👍🏻
this is amazing
Thanks
Thanks for the explanation!
You're welcome. :)
THANK U SIR..
Sir how did you set wholesale , retail, Profit & Margin as Currency $
SUPER
GREAT! thanks 4 the vid
Thanq bhai
good video
so helpful thank you!
Is there a way you can have your columns update these numbers automatically when you put the numbers in or do you need to manually put the formula in every time to get the percentages?
Convert your data to table (ctrl+T), this way you need to insert formula only once per column.
When you add a new row formulas apply accordingly.
But what is the RATIO of the 52% PM?
What happens when you enter "0" in the retail? you get a negative number in the profit and margin. I want to be able to enter ZERO or leave blank for stuff that hasn't sold yet and it is still in inventory without changing the profit into negative. how do you do that?
Me too..
try IF functionto to zero calculated cells when Retail is 0
where Profit = Retail-Wholesale use IF(Retail=0,0,Retail-Wholesale)
where Margin = Profit/Retail use IF(Retail=0,0,(Profit/Retail)
Can you please explain that 100% profit does not exist unless the cost is 0. I have a friend that doesnt understand that. He thinks if you doble your money your profit is 100%
Nice
very helpful it was Thank YOU
how do you do that if you sell a software service with a subscription model? every video I see on youtube is explaining about selling a physical product
What if you want to figure out what your retail should be if you only have the whole sale price and teh margin that you want?
In this case divide the wholesale price (the cost) 5.99 USD with 1 minus the percentage in decimal. So: 5.99/(1-0,7004) = 19.99
whats the formula if you know the gp% and want to calculate profit?
Pls how to share profit among 5 partner
Thanks for the tip! I have one issue though - I have, say, -$98k revenue (retail in your case, don't ask me why money has been given back to customer) and $207k cost (wholesale in your case), so my profit is -$305k. How do I calculate the margin % then? Because the above formula gives me 310% and that's definitely not correct.
I have tried the same formula and entered your figures, an i have got -53%. Let me know if you still need any help or if you have figured it out
I think, Margin is Provit : Wholesale. Is'nt it ?
How do we double the price and top and the margin is 52% ???? The formula is ok but for a margin below 100% and for over 100 %%????
I'm on a Mac and I get #VALUE!.in the profit tab.....anyone know why?
When i put the formula for margin i just get a box full of #####. Help?
expand the column where the #### is, it could be a longer format or an error
How do you know when to plus minus or divide
common sense
The problem is taxes
Not very direct because if you are buying online you also incure shipping and card transaction costs
Since you got your money back plus 6.50 i thought that was 100 percent in return
If i know my cost and the gpm i want, how do i get excel to give me the selling price?
did u get an answer? I need to know also
Please see this video. ruclips.net/video/CLgQCo5U6eI/видео.html
Please see this video. ruclips.net/video/CLgQCo5U6eI/видео.html
This is blurry as heck
If it's a gross profit it's ok
But if it's a net profit you got it all wrong because you can have a good gross profit but in the end of the month you will not be able to cover all your expenses and this is how people loose their business
Very Helpful Thank you for that
Thank you!
Thank you!
Thank you!!!
You're welcome. :)