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Excel Formula: Convert Time to Money

Author: Sun Last Modified: 2020-11-12

doc convert date to julia 1

Sometimes, you may need to convert time to money. For example, working one hour gets 10 dollars reward, two hours 20 dollars, how to calculate the total rewards based on working hours?

If you want to follow along with this tutorial, please download the example spreadsheet.
doc convert date to julia 1

Generic formula:

(time*24)*rate

Syntaxt and Arguments

Time: the time that you want to convert to money. 
Rate: pay rate every hour.

Return Value

It returns a numeric value.

How this formula work

In column B3:B7 are working hours, and in column C3:C7 are the different rates, please use below formula in cell D3:

=(B3*24)*C3

Press Enter key and drag fill handle over cell D7.
doc convert date to julia 1

Explanation

In Excel, time is stored as number, 24 hours is 1, in other words, 1 hour is equal to 1/24. The working hour multiplies by 24 to get the number of hours, then multiply by the rate to get the real reward.

Remark

You can calculate the total reward by working minutes or seconds if it is paid by minute or second.

Minute

(minute*1440)*rate

Second

(second*86400)*rate

Relative Formulas

Relative Functions


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Excellent post... Thank you very much!
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