YEAR FRAC

Posted on 22-01-2020 , by: admin , in , 0 Comments

YEAR FRAC

Syntax
=YEARFRAC(StartDate,EndData,Basis)
Basis : Defines the calendar system to be used in the function.
0 : or omitted USA style 30 days per month divided by 360.
1 : 29 or 30 or 31 days per month divided by 365.
2 : 29 or 30 or 31 days per month divided by 360.
3 : 29 or 30 0r 31 days per month divided by 365.
4 : European 29 or 30 or 31 days divided by 360.

Example:

The following table was used by a company which hired people on short term contracts for a part of the year. The Pro Rata Salary which represents the annual salary is entered. The Start and End dates of the contract are entered. The =YEARFRAC() function is used to calculate Actual Salary for the portion of the year.

Start End Pro Rata Salary Actual Salary
1-Jan-98 31-Dec-98 £12,000 £12,000  =YEARFRAC (B32,C32+1,4) *D32
1-Jan-98 31-Mar-98 £12,000 £3,000  =YEARFRAC (B33,C33+1,4) *D33
1-Jan-98 30-Jun-98 £12,000 £6,000  =YEARFRAC (B34,C34+1,4) *D34

Note
The extra 1 has been added to the End date to compensate for the fact that the =YEARFRAC() function calculates from the Start date up to, but not including, the End date.

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