Removing Weekend dates from Day Calculations

H

Heyna

I'm trying to use date formulas to show the amount of days between an
invoice date and a Due Date. I'm using DAYS360 to figure out the number
of days between the two dates, and I'm trying to figure in a 5 day
"Grace period" before the time shows late and the customer gets a late
fee. I was using an "IF" formula for the grace period (ex: =IF(A1>5,
true,false)) My problem is, of course, Weekends. Since this formula to
figure out days late will continue to tally until payment is made, we
can be off 2 days every 5 after being late, or it will show late early
if the invoice goes out on Wednesday.
Anyone know of a formula or a way to execute what I'm trying to do?
Much thanks
Scott
 
J

JE McGimpsey

Do you really need to use DAYS360? That can cause you to be off since it
assumes 12 months of exactly 30 days.

You can figure out the total number of days just by subtracting the
invoice date from the due date (and formatting as Number or General).

To exclude weekends, take a look at NETWORKDAYS() in XL Help. It's an
Analysis Toolpak Add-in function so you'll need to load the ATP
(Tools/Add-ins...).
 
D

daddylonglegs

If your invoices always go out on weekdays your 5 days grace will be the
equivalent of 7 actual days, won't it?

...unless you want to factor in holidays, in which case I believe you'd
want NETWORKDAYs as suggested by JE McGimpsey
 
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