Now that you understand dates in Excel, below some of the key Excel functions for working with dates
DAY, MONTH, YEAR and DATE
As mentioned above, Excel sees a date as a number e.g. 26 833. If we want to extract what month that relates to (perhaps we pay bonus in the month of birth) we need to make use of a special function.
NETWORKDAYS
There are also a number of other useful functions that take working with dates one step further. A common requirement in a financial model may be to determine how many working days are there in a period. Perhaps we know we can make R10 000 per day when we are open, how do we determine how many days we can be open.
Excel has 2 functions which help this.
EOMONTH
This is an End Of MONTH function takes any date you give it and turns it into the last day of either that month, or months after of before that month.
WORKDAY/ WEEKDAY
The Weekday function in Excel allows you to extract what day of the week did a date occur on.
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