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Project on speadsheets

  • 22-12-2008 6:57pm
    #1
    m.j.w
    Registered Users Posts: 1,494 ✭✭✭


    Hey,
    I am currently doing an assignment for college where I have to design a spreadsheet showing how I will manage financially over next 5 years.
    I have to show income less prsi paye etc and all expenses, loan repayments, mortgage repayments, amounts in savings accounts, credit card repayments ...
    I'm having great difficulty getting started.It has to be done on a monthly basis also.
    I am particularly struggling with how to calculate prsi. I know its 4% of something but don't know what and with paye should i calculate the amount payable for the year and divide by 12 to get a monthly figure??

    Any help with anything like layout etc. would be greatly appreciated!!


Comments

  • #2
    kluivert
    Registered Users, Registered Users 2 Posts: 2,399 ✭✭✭kluivert


    Take your Trading, Profit and Loss Account and turn it into a Cash Flow Projection.

    Include extra lines for capital expenditure, loan repayments, tax payments etc.

    Bobs your uncle, you should be well on the way.

    Have another Excel page called Assumption, whereby you cross reference to notes where you state where your figures in the cash flow projection came from.


  • #3
    Kanchelskis
    Closed Accounts Posts: 40 ✭Kanchelskis


    As Kluivert says you should approach this on a cashflow basis. You will have a couple of lines for inflows and numerous lines for outflows (or expenses). One less the other is your cash inflow/outflow for the month. Add this to your opening cash balance to give you closing cash for the current month or opening cash for the next month. This continues each month.

    PAYE and PRSI are calculated on your gross pay. This can be done monthly or yearly (divided by 12) where your gross income is the same each month - ie you are getting no bonuses. This of course is dependent on you being in PAYE employment and not being self employed. The calculation of PAYE and PRSI is dependent on how much you will earn - in most cases PRSI is actually 6% unless you are a low earner.

    Good luck.


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