Shared accommodation Calculator/Balancer. Will this formular work ok to who pays what?

[smokingwheels]

Say there is 4 people sharing a house that should pay 25% each of the outgoings.

The method I used is as follows for use in a spread sheet.

 

To calculate who owes what and to whom?

 

You can update the spread sheet by adding more expenses also for the pay period

 

Person 1 pays rent $270.00 / fortnight and same person pays $140.00 for Electricity.

Person 2 buys food $400.00 / fortnight

Person 3 buys food $400.00 / fortnight

Person 4 buys some food $100 /fortnight

 

Total Group spend = 1310

 

In order to calculate the difference percentage in money you take each persons spending and divide by the Total Spent

 

Person 1 = 0.31 eg 31%

Person 2 = 0.305

Person 3 = 0.305

Person 4 = 0.076

 

So to Balance the books I use the (percentage paid) - 0.25 = difference in percent that person 1 needs to pay.

 

Person 1 0.31 - 0.25 = 0.06 eg 6 % too much spent of that persons share of 25%

Person 4 0.076 - 0.25 = - 0.174 eg not enough spent

 

To calculate how much money goes where.

Person 1 Total * 0.06 = $ 78.60 receives because the result is positive.

Person 4 Total * -0.174 = $ -227.94 eg person has to cough up to the others depending on there result.

 

If you have 2 couples you can go 1 step further by adding each of them together.

That way it should balance things out.

 

PS I wish I had worked this out a few years ago when I was sharing with 3 other slow payers.

 

Thanks in advance

 

 

[imatfaal]

If everything is divided equally then it is simple

 

 

 

You put the amount and date each person spends in their personal column - you also put each outgoing in the end column with a description. For instance if Person 1 spends 270 on rent, you put 270 and the date in person 1s column AND 270 the date and rent in the outgoings column.

 

The two total over on the right hand side - "total column J and "totals of B +D +F +H" must MUST be the same. This is a very useful check.

 

Each person thus knows how much they have paid - how much the whole house has costs, and their percentage of the total cost. And the final row of calculations is positive if you have paid MORE than your fair share and negative if you STILL OWE the kitty money

[smokingwheels]

Ok Thanks

 

Much simpler to calculate than my method.

 

Maybe easier to explain to the slower payers though.