Today, lets learn how to make a simple timer app using Excel. First some background…,
Recently, I learned how to solve Rubik’s cube from my nephew. As a budding cuber, I wanted to track my progress. Initially I used the stopwatch in my iPhone. But it wont let me track previous times. So I thought, “Well, I can use Excel for this”.
So I made a small timer app using Excel. Its quite minimalistic. It has a single button. I press it and it tracks the start time (date & time stamp). If I press the button again, it records the duration.
This way, I can see my progress over next few weeks and may be plot the trend.
Demo of the Excel VBA timer
Here is a short demo. This is what we will be building.
Tutorial to make a timer in Excel
To make a timer app in Excel, first we need to understand the logic for this. If VBA apps can be defined on a scale of 1 to 10 (1 being easiest to develop and 10 being most complex), our timer app can be classified as 1.5. It is really simple. But nevertheless, it is a good idea to list down various ingredients and basic logic to follow.
So we need,
- A table to store the time stamps & durations
- A button (simple text box will do) to start & stop the timer
Set up the timer worksheet
In a blank worksheet, make space for a 2 column table. Type Time stamp & Duration as column headings and make a table from these (CTRL+T to insert the table)
Note: For the macro to work, you do not need a table. Any 2 column range will do. A table makes our timer app look sexy.
Also, insert a rounded rectangle and format it to look like a button (from Format Ribbon > Shape Styles, select something slick and pretty)
In a blank cell, type the word “Start”. Name this cell as timer.button.label
Now, click on the rounded rectangle button, go to formula bar and type =timer.button.label
💡 Tip: Yes, you can assign names or cell references to shapes. This way, whatever text is in the cell will be shown inside the shape.
Other names to make:
Although we can write VBA code without creating these names, our code will be readable with these names. So here we go:
- Select the header “Timestamp” of the table and name it as time.stamp.start
- Name the table as Durations from Table Design ribbon
- In a blank cell, write the formula =COUNTA(Durations[Timestamp])
- This counts how many timestamps are already inserted.
- Now name this cell as count.of.timestamps
We are done. Lets roll in to VBA.
Writing the VBA code for timer
Open VBE (Visual Basic Editor) and insert a new module in your timer workbook. There write this code.
Sub startStopTimer()
If Range("timer.button.label") = "Start" Then
Range("time.stamp.start").Offset(Range("count.of.timestamps") + 1).Value = Now
Range("timer.button.label") = "Stop"
Else
Range("time.stamp.start").Offset(Range("count.of.timestamps"), 1).Value = Now - Range("time.stamp.start").Offset(Range("count.of.timestamps"))
Range("timer.button.label") = "Start"
End If
End Sub
Assign this macro to the timer button
Right click on timer button and choose “Assign macro”. Select the startStopTimer sub from the list and click ok.
Now go ahead and test it. Assuming you have used same names as per this post, your timer should work.
How this macro works?
When you click on the timer button, you want one of the 2 things to happen.
- You want to start the timer
- You want to stop the timer
What you want to do can be checked with this logical check.
Range("timer.button.label") = "Start"
If this is true, then you want to start the timer.
Else, you want to stop the timer.
If you want to start the timer
Then, we need to go to the last row of the table + 1 and insert current time (now) in that cell.
This is done by,
Range("time.stamp.start").Offset(Range("count.of.timestamps") + 1).Value = Now
Once we do that, we need to change timer button’s text to “Stop”.
This is done by,
Range("timer.button.label") = "Stop"
If you want to stop the timer
Then, we need to go to the last row’s 2nd column of the table and print the difference between latest time (now) and starting time (last row, first column value)
This is done by,
Range("time.stamp.start").Offset(Range("count.of.timestamps"), 1).Value = Now - Range("time.stamp.start").Offset(Range("count.of.timestamps"))
Once we do that, we need to change the button text to “Start” by using this code:
Range("timer.button.label") = "Start"
That’s all. Our VBA code is rather simple.
One last step, formatting the duration
If you look at the duration, it could read something like 0.0042354. This is because duration is displayed as a fraction of day. So 0.0042354 means the duration is 0.42% of a day.
Now, wouldn’t it be better if we can show this in minutes and seconds?
To do that, select the entire table column of durations, press CTRL+1
Then, set formatting as custom and type code as [mm]:ss
And you are done!
Download Simple Timer Excel VBA workbook
Click here to download Simple Timer Excel VBA workbook. Play with it. Use it to track your Sudoku, crossword or knitting times. Or even Rubik’s cube times. See what trends and patterns you can uncover.
Do you use Excel for tracking time?
I know many companies use Excel based trackers to keep track of employee time. I personally use time tracking features of Excel for needs like this all the time.
What about you? Do you use Excel time functions like NOW, TODAY and VBA to track progress? What techniques you apply? Please share using comments.
Like tracking? You will love these
If you track things with Excel, you are going to find below tutorials very useful.
- Tracking issues & risks – Project management
- Tracking to dos – Project Management
- Expense tracker using Excel – 7 templates
- Annual goals tracker
- Bonus: Introduction to VBA – 5 part crash course
Note: Rubik’s cube image by Booyabazooka thru Wikimedia
15 Responses to “Modeling Interest During Construction (IDC) – Excel Project Finance”
Thanks again for a very helpful post.
I had a similar problem when trying to model a balance sheet and profit and loss projection. The problem was that interest expense (in P&L) was dependent on a cash shortfall (in BS) which had to be funded. The cash shortfall depended on how much interest was paid, so the mutual dependency made a circular reference.
I addressed it with a macro that calculated interest outside of the P&L, then pasted the calculated amount into the P&L as a value. The model was out of balance, but by repeating the pasting and calculating loop the imbalance reduced to zero. It was a bit messy, and had to be repeated every time a line changed - but it worked.
If I have to do it again I'll read this article again first and see if it can be done more elegantly.
Hi,
The use of a circular reference can be avoided in this case. Just make use of the geometric sum to calculate the interest required. I’ll walk through the example from the spreadsheet.
First calculate the cash needed each year without the interest expense. So you year 1 you need 55 Mn, year 2 105 Mn, and 190 Mn for year 3. The total amount to borrow for year 1 is then (50 Mn)/(1-interest_rate) = (50)/(1-0.1). For years 2 and subsequent the amount borrowed is the cash needed in that year plus the interest_rate times the amount already borrowed. For year 2 (105 + interest_rate * sum(previous debt raised))/(1-interest_rate)=(105+0.1*61.1)/(1-0.1).
This process avoids the need for a circular reference, and makes the calculation more stable.
Thanks,
Tristan
The question is for the year 1 in your case, the amount works out to 45 mn. However in the year 2 you have applied the loan amount as 61.1 mn.
Am I missing something ! Please help !
very helpful information!!!
using circular references and to make model more stable we can use combination of "IF" and "ISERROR" functions. i.e
=if(iserror(formula1),"",(formula1))
this formula will return blank value if there is any error otherwise give the result required.
I usually use this in my models and it makes them very stable......
🙂 🙂 🙂
@Terry: Thats right. Exactly same problem is seen in Interest - Cash cycle in P&L and Cash Flow statement as well. In our trainings on financial modeling in excel, we demonstrate using both the circular loops as well as the macros to take care of this problem. Circular loops have their own pitfalls. If the model enters into a state of error, the error percolates!
@Tristan: Thanks for pointing out. I agree with you that if circular loops can be avoided, they should be avoided.
@Yogesh: This is one way of avoiding the problem. Although circular loops have another problem that they make your sheet slower. Each time, there is a change in the sheet, all the calculations are redone. So if they can be avoided, they should be avoided.
Please note that this was an example (a large one indeed) and I didn't have space to speak about the pitfalls of this approach! I just wanted to illustrate an approach and am glad that some of you found it useful!
I think while posting, there is an error in the images! The last image should be flipped with the one that is posted in step VII!
I think you can try the following simple solution given by Microsoft itself to make the circular works:
Windows: Excel Options -> Formulas -> Put a tick on "Enable iterative calculation"
Mac: Excel -> Preference -> Calculation ->Put a tick on "Limit iteration"
You can change the maximum number of calculation iterations as well as the maximum changes which iteration stops for goal seeking or for resolving circular references based on the number you type in the maximum change box.
Thank you.
Hey All
I heard that we can take care of the circularity with the help of macro for IDC. Can anybody help on the steps to construct the macro for the same.
Regards
Vinay
Hi Vinay,
If you look closely, you are essentially copying the values from the interest calculation to the IDC in project cost.
Basically you can record a macro, that takes the values from interest and pastes special the values in IDC row in project cost.
Then you can run that recorded code in a for loop.
Hope this helps.
Thanks Param for reply.
But before calculating interest, i need to provide for Upfront Equity and Equity, which are essentially part of total project cost. Hence, i need to put in Upfront Equity and Equity to calculate the IDC which is again hitting the total project cost.
Bit of confused on how to remove this circular reference.
Regards
Vinay
Wow, this was a brilliantly simple post. I was looking online for a while before I found this page. Never seen this been explained so beautifully yet so crisply before. Thanks for saving my ass at work! (i'm relatively new to finance + modeling)
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[…] Project Finance Modeling using Excel – Part 1 & Part 2 […]
I have been reading your blog since my college days. Today, I'm writing just to say thanks.
We have calculated Financial Rate of return of a hydropower projects, and the observer has raised an observation regarding Total Project cost with IDC Rs. 8616.01 million (PKR) and with-out IDC 8352.46 million (PKR). How does the Financial nalysis be calculated on the basis of with-out IDC Or With IDC?????
Please helpf. if possible to spare some time.