Excel Formula: Convert Time to Money
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.
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.
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
- Convert Unix Timestamp to Excel Time or Vice Inverse
This tutorial provides formulas to convert between Unix time and Excel time. - Convert Text to Time
Introducing formulas for convert text stored date to Excel standard date. - Convert Time to Decimal Hours
Here provides a formula that converts time to decimal hours in Excel and explains how the formula works. - Convert Time To Decimal Minutes
In this tutorial, it provides a formula for converting time to decimal minutes in Excel.
Relative Functions
- Excel IF Function
Test for specified conditions, then returns the corresponding values - Excel VALUE Function
Convert text to number. - Excel MONTH Function
The MONTH is used to get the month as integer number (1 to 12) from date. - Excel DAY Function
DAY function gets the day as a number (1 to 31) from a date - Excel YEAR Function
The YEAR function returns the year based on the given date in a 4-digit serial number format.
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