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0710 Date Formulas - EDATE() for Financial Modeling, Budgets, Due Dates

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Transcript

Hello there everybody another formula from the date cluster that is one of my favorites is eat formula. And let me illustrate through various example where he did formula can be used. Now take for instance on first of January 2012 or certain lease expired a certain agreement expired. Now, there are two ways in within which I need to find out that it needs to be renewed. So, the agreement might says within 30 days of expiry of the date or it might say within one month of the date expiry. Now, these two are very different things.

If you take for instance first of January 2012 and if you want to find out 30 days from now, you can simply choose the date and add plus three zero correct into but if you want, one month hence, then the meaning is first Jan, then go through first of February. Now this will become more popular If you take a date of the month, which doesn't have 30 days, for example, February 14, from 14 February 2012 to 13th March notice it is a one day's gap because it is calculating 30 days. Now, same thing if I calculate using a technique called a date, it's going to give me an answer 14th of March two, which I may deduct or add one days for Greece, but that should be based on my discretion. So let's see how this is achieved. I go to the cell I write a formula evade, it asks me the starting date, which I gladly provide, and then it asks me how many months Do you want to jump?

Now, when I put one and I close the bracket, it says, from 14th FEHB jumped to the next month 14th of March. So this is how he did at a basic theoretical level calculates. Now let me give you two case studies case study one where if a person has joined a certain company, he sticks around for five years continuously he is going to be given a loyalty bonus. Now when I wish to calculate that I don't want to choose the date and then add this combination of formula which says five years into 365 days. Why? Because 365 days is a number which doesn't reflect the leap year which might occur in one of the five years correct.

So now I use equal to a date, I choose the date and then I wish to jump how many months 66 zero, because five years has 60 months in total. So five into 12 do not simply write five because that will be taken as months so hence five A multiplied with 12. So on first January 2017, this particular employee will complete five years of his employment in that company and hence eligible to get a bonus. Similarly, if I go to the keys to Let's say 60 is the age of retirement date of birth in this case happens to be first of January 1976. I want to find out when is this employee going to turn to 60. So I write he date, I choose the date, then I put 60 multiplied with 12, which means 720 months, so on 2036 let me simply change the format from here Ctrl C, and here format, I go to Format Cells or go to paste special Paste Special, what format Okay, now 2036 for January is the date on which he turns 60.

So any kind of a date based calculation one month from now, 30 months from now, 16 months from now, you can use a date formula, and I've given certain examples, please do go through them. And this is where our EDID formula stands.

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