7 Excel Tricks For Finding The Last Business Day Of The Month

When it comes to working with dates in Excel, it can sometimes feel like navigating through a maze. Finding the last business day of the month is one such challenge that many professionals encounter. But don’t worry; we’re here to demystify this task! In this blog post, we’ll share 7 handy Excel tricks to effortlessly determine the last business day of the month. Let’s dive into these practical techniques that will not only save you time but also boost your Excel skills! 🚀

Understanding Business Days

Before we jump into the tricks, it's important to clarify what a "business day" is. In most contexts, a business day refers to weekdays, excluding weekends and public holidays. Hence, determining the last business day can vary based on whether the month's end falls on a weekend or a holiday.

1. Using EOMONTH Function

The EOMONTH function is one of the simplest ways to find the last day of the month. Here’s how you can use it:

=EOMONTH(start_date, months)

• start_date: This is the date from which you want to find the last day of the month.
• months: The number of months from the start date. Use 0 for the current month.

Example:

If you want to find the last day of December 2023, you can use:

=EOMONTH("2023-12-01", 0)

This will return 2023-12-31.

Pro Note:

<p class="pro-note">Using EOMONTH ensures you always get the correct last day of the month regardless of how many days the month has.</p>

2. Checking Weekends

Once you have the last day of the month, you’ll need to check if it falls on a weekend. You can use the WEEKDAY function to do this:

=WEEKDAY(date, [return_type])

Set return_type to 2 if you want to get a number between 1 (Monday) and 7 (Sunday).

Example:

=WEEKDAY(EOMONTH("2023-12-01", 0), 2)

If it returns 6 or 7, then it’s a Saturday or Sunday respectively.

Pro Note:

<p class="pro-note">Keep in mind that if the last day is on a weekend, you will need to adjust it to the preceding Friday.</p>

3. Adjusting for the Last Business Day

To adjust the last day to the last business day, you can use a combination of IF and WEEKDAY.

=IF(WEEKDAY(EOMONTH("2023-12-01", 0), 2) > 5, EOMONTH("2023-12-01", 0) - (WEEKDAY(EOMONTH("2023-12-01", 0), 2) - 5), EOMONTH("2023-12-01", 0))

This formula checks if the last day is a weekend, and if so, it subtracts the necessary days.

Note: This solution can be expanded by adding holiday checks if your organization observes any public holidays.

4. Creating a Custom Function with VBA

If you find yourself needing to calculate the last business day frequently, you can create a custom function using VBA. Here’s a sample code for that:

Function LastBusinessDay(DateInput As Date) As Date
    Dim LastDay As Date
    LastDay = WorksheetFunction.EoMonth(DateInput, 0)
    
    Select Case Weekday(LastDay)
        Case vbSaturday
            LastBusinessDay = LastDay - 1
        Case vbSunday
            LastBusinessDay = LastDay - 2
        Case Else
            LastBusinessDay = LastDay
    End Select
End Function

You can now call this function in your Excel sheet like this:

=LastBusinessDay("2023-12-01")

Pro Note:

<p class="pro-note">Always ensure to save your work in a macro-enabled format (like .xlsm) when using VBA functions.</p>

5. Using NETWORKDAYS Function

If you're considering holidays along with weekends, the NETWORKDAYS function comes in handy. It allows you to find the last business day while accounting for holiday exclusions.

The syntax is:

=NETWORKDAYS(start_date, end_date, [holidays])

To find the last business day before the end of the month, you would do something like this:

=NETWORKDAYS(EOMONTH("2023-12-01", 0) - 1, EOMONTH("2023-12-01", 0))

Pro Note:

<p class="pro-note">You can add a range of holiday dates in the third argument to automatically exclude them in the calculation.</p>

6. Using Data Validation for Better Accuracy

To minimize manual errors when entering dates, consider using Data Validation. This will ensure users can only enter dates that fall within the expected range.

1. Select the cell where you want to input the date.
2. Go to the Data tab > Data Tools group, and click on Data Validation.
3. Under the Settings tab, choose Date and set the criteria that suit your requirements.

Pro Note:

<p class="pro-note">Restricting date entries reduces errors and ensures data integrity across your sheet.</p>

7. Automating with Excel Templates

If you regularly need to calculate the last business day of various months, consider creating an Excel template.

1. Set up your formulas and data validation.
2. Save your file as a template (.xltx).

Whenever you need to perform the calculation, just open the template and save it as a new file! 🎉

Common Mistakes to Avoid

When working with dates in Excel, it’s easy to make mistakes. Here are some common pitfalls to avoid:

• Ignoring the format: Always ensure the date is in the correct format. Excel might misinterpret your date.
• Not accounting for holidays: If your organization observes public holidays, ignoring them might lead to incorrect results.
• Assuming all months have the same number of days: It’s essential to use functions that adapt to the month’s length, such as EOMONTH.

Troubleshooting Issues

If you find that your formulas are returning errors or incorrect dates, try the following:

• Double-check your date formats and ensure they are recognized by Excel.
• Ensure all necessary cells (especially those with holiday lists) are properly referenced in your functions.
• If using VBA, ensure macros are enabled in your Excel settings.

<div class="faq-section"> <div class="faq-container"> <h2>Frequently Asked Questions</h2> <div class="faq-item"> <div class="faq-question"> <h3>How do I ensure my date calculations include public holidays?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>Use the NETWORKDAYS function and input a range of holiday dates in the optional third argument.</p> </div> </div> <div class="faq-item"> <div class="faq-question"> <h3>Can I use a custom VBA function for this?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>Yes! Creating a VBA function allows for more flexibility and can be reused for various date inputs.</p> </div> </div> <div class="faq-item"> <div class="faq-question"> <h3>What if the last business day falls on a public holiday?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>In that case, you’ll need to adjust your calculations to account for the holiday, possibly by using the NETWORKDAYS function.</p> </div> </div> </div> </div>

In summary, understanding how to find the last business day of the month using Excel can streamline many of your financial and operational tasks. Whether you’re using built-in functions like EOMONTH, applying the NETWORKDAYS function, or creating VBA scripts, you now have various methods at your disposal.

Don't hesitate to explore these tips and practice using Excel's powerful functionalities. And remember, Excel is all about efficiency – the more you practice, the better you’ll become!

<p class="pro-note">🌟Pro Tip: Regularly revisit and refine your techniques to uncover even more shortcuts in Excel!</p>