Now we need to calculate the number of hours employee has been worked by following with the below steps: Insert new column named Hours Worked. Apply the normal excel timesheet formula as =E2-D2 as shown below. Time Sheet. Keep track of hours worked, as well as regular and overtime hours for yourself or your employees, with this accessible time sheet template. Excel. Timesheet can also be used in accounting. Timesheet calculation in excel is recording the start and end time and it calculates the duration. Explanation Of Timesheet Calculation in Excel. As explained in the examples of the timesheet in excel above time sheets are used to calculate the total number of time spent by a person on certain work.