WORKDAY function comes under the DATE AND TIME FUNCTIONS category in Excel.
WORKDAY FUNCTION simply returns the date after or before a specified number of working days.
e.g. if we want to know the date after ten working days from today/specified date, it’ll calculate for us with the convenience to insert the holiday dates.
This is used when we need to calculate number of workdays on a regular basis.
PURPOSE OF WORKDAY FUNCTION IN EXCEL
WORKDAY returns a date that is the indicated number of working
days before or after a specified date.
PREREQUISITES TO LEARN WORKDAY
THERE ARE A FEW PREREQUISITES WHICH WILL ENABLE YOU TO UNDERSTAND THIS FUNCTION IN A BETTER WAY.
- Basic understanding of how to use a formula or function.
- Basic understanding of rows and columns in Excel.
- Some information about the financial terms is an advantage for the use of such formulas.
- Of course, Excel software.
The Syntax for the function is
=WORKDAY(STARTING DATE,NUMBER OF WORKING DAYS,HOLIDAY DATES)
STARTING DATE It is the specified date with reference to which, the days needs to be calculated
NUMBER OF WORKING DAYS It represents the number of working days after or before STARTING DATE.
NUMBER OF DAYS IS POSITIVE, WE ARE TALKING ABOUT FUTURE
IF NUMBER OF DAYS ARE NEGATIVE, WE ARE TALKING ABOUT PAST
HOLIDAY DATES This is the optional field. These are the dates on which holiday is declared in addition to the weekend, i.e. Saturday and Sunday.
THE DATES SHOULD BE PUT USING THE DATE FUNCTION
=DATE(YYYY,MM,DD) OTHERWISE IT’LL RETURN AN ERROR.
EXAMPLE:WORKDAY IN EXCEL
STEPS TO USE WORKDAY FUNCTION
The data is put in the cells as STARTING DATE, DAYS, HOLIDAY
NUMBER OF DAYS CALCULATION
We should always be having knowledge about the working of a function. Otherwise we may be stuck in a situation where we never know whether the answer is correct or not.
These formulas are doing nothing but playing with the dates.
MS Excel is converting the date to a number first. Number is the number of days after JAN 1 1900.
After converting to number it subtracts to find out the number of days between any two dates.
The same procedure is being followed up in these formulas which comprise of DATES.
Although if we need to do this process just once, there is no need of bothering for formulas. But if we need to use this daily, we are exempted from botheration of doing this calculation daily.
The output is again a date as number. Just change the format of the cell to DATE.
OTHER WAYS TO REACH THIS ARTICLE
WORKDAY FUNCTION, CALCULATE WORKING DAYS AUTOMATICALLY