Here's the scenario:
I have a consultant who I've agreed to pay $10,000. We have an outsourced Accounts Payable company that charges a 1.5% fee to the invoiced amount. So if they submit an invoice for $10,000, their NET check will be $9850. I need to tell the consultant to invoice me for a higher some higher gross amount so that his net is $10,000.
I'd like to build an excel formula that gives me the correct answer and allows me to change the NET amount and the fee percentage. But I'm not smart enough to figure it out...and I'm running out of daylight.
So if A1 is my NET Amount (ex. $10,000)
and A2 is my Fee Percentage (ex. 1.5%)
what formula would I put in A3 to give me what the Gross should be?
I have a consultant who I've agreed to pay $10,000. We have an outsourced Accounts Payable company that charges a 1.5% fee to the invoiced amount. So if they submit an invoice for $10,000, their NET check will be $9850. I need to tell the consultant to invoice me for a higher some higher gross amount so that his net is $10,000.
I'd like to build an excel formula that gives me the correct answer and allows me to change the NET amount and the fee percentage. But I'm not smart enough to figure it out...and I'm running out of daylight.
So if A1 is my NET Amount (ex. $10,000)
and A2 is my Fee Percentage (ex. 1.5%)
what formula would I put in A3 to give me what the Gross should be?
