Today a customer came with a good question. He was trying to calculate tutor payments from a student visit report. However, if you export the report in Excel format, you will get the Period in HH:MM format:
To calculate the total hours and the total payment amount, you will need to use the TIMEVALUE Excel formula.
For example, the following will return the total hours worked:
Then you can, round that number to have only 2 decimals:
=ROUND(TIMEVALUE([Cell]) * 24, 2)
For example, if the tutor has worked for 1 hour and 30 minutes (that would be displayed as 1:30), you will get 1.50 hours using the formula above.
Or you can multiply the total hours worked (not rounded) by the hourly pay rate and then round the final amount. If it were $20, then the final formula would be:
=ROUND(TIMEVALUE([Cell]) * 24 * 20, 2)
Being [Cell] the reference to the cell where the period is (eg, 01:30), and 20 is the hourly pay rate.