How to calculate number of years employed in excel

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How to calculate number of years employed in excel

Watch Video ? Calculate the Number of Workdays Between Two Dates Excel has some powerful functions to calculate the number of days between two dates in Excel. These are especially useful when you're creating Gantt charts or timelines for a proposal/project. In this tutorial, you'll learn how to calculate the number of days between two dates (in various scenarios): Calculating the Total Number of Days Between Two Dates in Excel Excel has multiple ways to calculate the days between two dates. Using the DAYS Function Excel DAYS function can be used to calculate the total number of days when you have the start and the end date. You need to specify the `Start Date' and the `End Date' in the Days function, and it will give you the total number of days between the two specified dates. For example, suppose you have the start date is in cell B1 and End Date is in cell B2 (as shown below): The following formula will give you the total number of days between the two dates: =DAYS(B2,B1) Note that you can also manually specify the dates in the Days function by putting it in double-quotes. Just make sure these dates in double-quotes is in an accepted date format in Excel. Days function gives you the number of days between two dates. This means that if the dates are 1 Dec 2017 and 2 Dec 2017, it will return 1. If you want both the days to be counted, you need to add 1 to the result of Days function. You can read more about the Days function here. Using the DATEDIF Function DATEDIF function (derived from Date Difference) also allows you to quickly get the number of days between two dates. But unlike the DAYS function, it can do more than that. You can also use the DATEDIF function to calculate the number of months or years that have elapsed in the two given dates. Suppose you have the below dataset and you want to get the number of days between these two dates: You can use the below DATEDIF formula to do this: =DATEDIF(B1,B2,"D") The above DATEDIF formula takes three arguments: The start date ? B1 in this example The end date ? B2 in this example "D" ? the text string that tells the DATEDIF function what needs to be calculated. Also note that unline the other Excel functions, when you type the DATEDIF function in Excel, it will not show the IntelliSense (the autocomplete option that helps you with the formula arguments). If you only want to calculate the number of days between two given dates, then it's better to use the DAYS function. DATEDIF is more suited when you want to calculate the total number of years or months that have passed in between two dates. For example, the below formula would give you the total number of months between the two dates (in B1 and B2) =DATEDIF(B1,B2,"M") Similarly, the below formula will give you the total number of years between the two dates: =DATEDIF(B1,B2,"Y") You can read more about the DATEDIF function here. One of the common uses of this function is when you need to calculate age in Excel. Number of Working Days Between Two Dates in Excel Excel has two functions that will give you the total number of working days between two dates and will automatically account for weekends and specified holidays. Let's first quickly have a look at NETWORKDAYS Function syntax and arguments. Excel NETWORKDAYS Function ? Syntax & Arguments =NETWORKDAYS(start_date, end_date, [holidays]) start_date ? a date value that represents the start date. end_date ? a date value that represents the end date. [holidays] ? (Optional) It is a range of dates that are excluded from the calculation. For example, these could be national/public holidays. This could be entered as a reference to a range of cells that contains the dates, an array of serial numbers that represent the dates, or a named range. Let's first look at an example where you want to calculate the number of working days (business days) between two dates with Saturday and Sunday as weekends. To calculate the number of working days (Column D) ? when the start date, end date, and holidays are specified ? use the below formula in D3 and copy for all cells: =NETWORKDAYS(B2,C2,$F$2:$F$6) This function works great in most cases, except the ones where the weekends are days other than Saturday and Sunday. For example, in middle-eastern countries, the weekend is Friday and Saturday, or in some jobs, people may have a six-day workweek. To tackle such cases, Excel has another function ? NETWORKDAYS.INTL (introduced in Excel 2010). Before I take you through the example, let's quickly learn about the syntax and arguments of Excel NETWORKDAY INTERNATIONAL function Excel NETWORKDAYS INTERNATIONAL Function ? Syntax & Arguments =NETWORKDAYS.INTL(start_date, end_date, [weekend], [holidays]) start_date ? a date value that represents the start date. end_date ? a date value that represents the end date. [weekend] ? (Optional) Here, you can specify the weekend, which could be any two days or any single day. If this is omitted, Saturday and Sunday are taken as the weekend. [holidays] ? (Optional) It is a range of dates that are excluded from the calculations. For example, these could be national/public holidays. This could be entered as a reference to a range of cells that contains the dates or could be an array of serial numbers that represent the dates. Now let's see an example of calculating the number of working days between two dates where the weekend days are Friday and Saturday. Suppose you have a dataset as shown below: To calculate the number of working days (Column D) with the weekend as Friday and Saturday, use the following formula: =NETWORKDAYS.INTL(B2,C2,7,$F$2:$F$6) The third argument in this formula (the number 7) tells the formula to consider Friday and Saturday as the weekend. Number of Weekends Between Two Dates in Excel We can use the NETWORKDAYS function to calculate the number of weekends between two dates. While the Networkdays function calculates the number of working days, we can also use to get the number of weekend days between two dates. Suppose we have a dataset as shown below: Here is the formula that will give you the total number of weekends days between the two dates: =DAYS(C2,B2)+1-NETWORKDAYS(B2,C2) Number of Work Days in a Part-time Job You can use Excel NETWORKDAYS.INTL function to calculate the number of workdays in a part-time job as well. Let's take an example where you are involved in a project where you have to work part-time (Tuesday and Thursday only). Here is the formula that will get this done: =NETWORKDAYS.INTL($B$3,$C$3,"1010111",$E$3:$E$7) Note that instead of choosing the weekend from the drop-down that's inbuilt in the function, we have used "1010111" (in double quotes). 0 indicates a working day 1 indicates a non-working day The first number of this series represents Monday and the last number represents Sunday. So "0000011" would mean that Monday to Friday are working days and Saturday and Sunday are non-working (weekend). With the same logic, "1010111" indicates that only Tuesday and Thursday are working, and rest 5 days are non-working. In case you have holidays (which you don't want to get counted in the result), you can specify these holidays as the fourth argument. Number of Mondays Between Two Dates To find the number of Mondays between two dates (or any other day), we can use the same logic as used above in calculating part-time jobs. Suppose you have a dataset as shown below: Here is the formula that will give you the number of Mondays between the two dates: =NETWORKDAYS.INTL(B2,C2,"0111111") In this formula, `0' means a working day and `1' means a non-working day. This formula gives us the total number of working days considering that Monday is the only working day of the week. Similarly, you can also calculate the number of any day between two given dates. You May Also Like the Following Tutorials: For one reason or another, there is a perfectly functioning and pretty valuable formula that can be utilized in Excel that Microsoft has chosen to exclude from Excel's list of functions: the DateDif function. This function is a valuable tool that can instantly calculate the number of days, months, or years between two dates. While in Excel, if you click on the `fx' button to the left of the formula ribbon and search for this function in the `Insert Function' box, you will see that it is nowhere to be found. However, you can manually type the DateDif formula into a cell and by following the instructions in this post, get the results described. Using DateDif In Real Estate Financial Modeling The DateDif formula can be a valuable tool for real estate financial modeling and is a great function to have in your arsenal. For example, I use it in my Condominium Development Model as shown in the video. A second example can be found in the second tab of the downloadable excel file below where I use it to model for rental increases in a lease over time that has a start date prior to the analysis start. DateDif Video Tutorial The below video will walk you step by step through how the function work. Download the template below or simply open a blank Excel file on your computer and follow along. Sheet 1: Practice Example to use with the step-by-step guide Sheet 2: RE Financial Modeling Example Video Walk Through Instructions Step 1: In cell C9, type 1/1/2021 Step 2: In cell D9, type 5/26/2032 Step 3: In cell E9, type =DateDif(C9,D9,"d") The d in quotation marks will return the number of days between the two dates, which should read 6,310. Step 4: In cell F9, type =DateDif(C9,D9,"m") The m in quotation marks will return the number of full months between the two dates, which should read 207 for this example. If there are additional days after a full month count is reached it will not include those days as an additional month. If you want to include that additional month, see sheet 2 in the downloadable Excel file. Step 5: In cell G9, type =DateDif(C9,D9,"y"). The y in quotation marks will return the number of full years between the two dates, which should read 17 for this example. If there are additional days or months after a full year count is reached it will not include those days or months as an additional year. If you want to include that additional year, see sheet 2 in the downloadable Excel file. This tutorial will demonstrate how to calculate years of service in Excel and Google Sheets. Calculate Years & Months of Service Calculate Years To calculate the number of years between dates use the DATEDIF Function with criteria "y": You can calculate the number of excess months using the criteria "ym" with the DATEDIF Function: Output Service Now we can output the years of service in a text string: =DATEDIF(B3,C3,"y")&" Years and "&DATEDIF(B3,C3,"ym")&" Months " Rounding Service Months Your service calculation might require rounding months. To round months, you can use the EOMONTH Function to return the last day of a month. You can round to the previous month: Or round to the end of the current month: By adding 1 to the last day of a month, you can calculate the first day of the next month: With month rounding, you can count partial months as full months, or not count partial months at all. Calculate Years & Months of Service in Google Sheets All of the above examples work exactly the same in Google Sheets as in Excel. Suppose you have an employee name who recently resigned from your company. You want to calculate his/her years of services at your company. There are many ways to calculate that. We can use many formulas for this. In this article, you will see the processes on how to calculate years of service in Excel. The length of service with days, months and years together will also be calculated. Look into the below picture to see what we are going to perform. Calculate Years of Service between Two Dates As I said earlier there are many ways to calculate the years of services. Firstly, you will see this with some simple and short formulas. Look into the below picture where I calculated the years of services for different years by using different formulas. The formulas which are used here are given below. =INT(DAYS360(DATE(2014,6,15),DATE(2018,6,27))/360) =INT(YEARFRAC(B4,C4)) =DATEDIF(B6,C6,"y") In the first 2 formulas, the INT function has been used in the formulas which give the integer number avoiding the fractional number. In the last formula, we use an argument "y" for the DATEDIF function which gives the result as a full year between the two dates. Calculate the Length of Service in Excel between two specific dates Now if you want to calculate the length of service of a person in years, months and days you can use the DATEDIF function. In this example, I calculated the years of service in three ways. The first one gives the output as years, the 2nd one gives the result as years and months and the 3rd one gives the full result with years, months, and days. Look into the below picture where all these results are carried out. Here the formulas which are used here are given below. =DATEDIF(B2, C2, "y")& " Years" =DATEDIF(B4,C4,"y")&" Years, "&DATEDIF(B4,C4,"ym")&" Months" =DATEDIF(B6,C6,"y") & " Years, " & DATEDIF(B6,C6,"ym") & " Months, " & DATEDIF(B6,C6,"md") & " Days" Calculate the Length of Service between a Previous Date and Present Date There is a built-in function in Excel that can give you the present date. This function is the TODAY function. It is written in Excel as, =TODAY (). This function is categorized as Date/Time function in Excel. It can be used in a formula also. Like, in the previous examples we worked with some random dates. Instead of these random dates if you want to find out the length/years of service for a previous date and present date you have to insert the TODAY function instead of the later dates which are placed in column C. Let`s look into the below picture to get a whole idea. Instead of using the TODAY function in the formula, you can use this in a cell, and in your formula, you can refer it. The formulas which are used here are given below. =DATEDIF(B2, TODAY(), "y")& " Years" =DATEDIF(B4,TODAY(),"y")&" Years, "&DATEDIF(B4,TODAY(),"ym")&" Months" =DATEDIF(B6,TODAY(),"y") & " Years, " & DATEDIF(B6,TODAY(),"ym") & " Months, " & DATEDIF(B6,TODAY(),"md") & " Days" Download the Working File How to Calculate Years of Service in Excel Conclusion In this article, basically, we calculate the number of years between two dates in Excel. The DATEDIF function makes it easier to calculate the length between two dates. Hope you did not face any difficulties while reading this article. Be connected with us to get more articles. Related Articles Compound interest is interest that's calculated both on the initial principal of a deposit or loan, and on all previously accumulated interest. For example, let's say you have a deposit of $100 that earns a 10% compounded interest rate. The $100 grows into $110 after the first year, then $121 after the second year. Each year the base increases by 10%. The reason the second year's gain is $11 instead of $10 is as a result of the same rate (10% in this example) being applied to a larger base ($110 compared to $100, our starting point). Or let's say, $100 is the principal of a loan, and the compound interest rate is 10%. After one year you have $100 in principal and $10 in interest, for a total base of $110. In year two, the interest rate (10%) is applied to the principal ($100, resulting in $10 of interest) and the accumulated interest ($10, resulting in $1 of interest), for a total of $11 in interest gained that year, and $21 for both years. It's similar to the Compounded Annual Growth Rate (CAGR). For CAGR, you are computing a rate that links the return over a number of periods. For compound interest, you most likely know the rate already; you are just calculating what the future value of the return might be. For the formula for compound interest, just algebraically rearrange the formula for CAGR. You need the beginning value, interest rate, and number of periods in years. The interest rate and number of periods need to be expressed in annual terms, since the length is presumed to be in years. From there you can solve for the future value. The equation reads: Beginning Value ? ( 1 + ( interest rate NCPPY ) ) ( years ? NCPPY) = Future Value where: \begin{aligned}&\text{Beginning Value}\\&\times\left(1+\left(\frac{\text{interest rate}}{\text{NCPPY}}\right)\right)^{(\text{years}\ \times\ \text{NCPPY)}\ =\ \text{Future Value}}\\&\textbf{where:}\\&NCPPY=\text{number of compounding periods per year}\end{aligned} Beginning Value?(1+(NCPPYinterest rate))(years ? NCPPY) = Future Valuewhere: This formula looks more complex than it really is, because of the requirement to express it in annual terms. Keep in mind, if it's an annual rate, then the number of compounding periods per year is one, which means you're dividing the interest rate by one and multiplying the years by one. If compounding occurs quarterly, you would divide the rate by four, and multiply the years by four. Financial modeling best practices require calculations to be transparent and easily auditable. The trouble with piling all of the calculations into a formula is that you can't easily see what numbers go where, or what numbers are user inputs or hard-coded. There are two ways to set this up in Excel. The most easy to audit and understand is to have all the data in one table, then break out the calculations line by line. Conversely, you could calculate the whole equation in one cell to arrive at just the final value figure. Both are detailed below:

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