CFI-Excel-eBook

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The Corporate Finance Institute ExcelExcel Functions ListTo learn more, pleasecheck out our onlinecoursesDate and TimeDATECreate a valid date from year, month, and dayyear month dayWhat is the DATE Function?The DATE Function in Excel is categorized under Date/Time Functions. It is themain function used to calculate dates in Excel. The DATE function is very usefulfor financial analysts because financial modeling requires specific time periods.For example, an analyst can use the DATE function in Excel in their financialmodel to dynamically link the year, month and day from different cells into onefunction.The DATE function is also useful when providing dates as inputs for otherfunctions like SUMIFS or COUNTIFS since you can easily assemble a date usingyear, month, and day values that come from a cell reference or formula result.Formula=DATE(year,month,day)The DAYS function includes the following arguments:1. Year – It is a required argument. The value of the year argument caninclude one to four digits. Excel interprets the year argument according tothe date system used by the local computer. By default, Microsoft Excel forWindows uses the 1900 date system, which means the first date is January1, 1900.2. Month – It is a required argument. It can be a positive or negative integerrepresenting the month of the year from 1 to 12 (January to December).• Excel will add the number of months to the first month of thespecified year. For example, DATE(2017,14,2) returns the serialnumber representing February 2, 2018.• When the month is less than or equal to zero, Excel will subtractthe absolute value of month plus 1 from the first month of thespecified year.For example, DATE(2016,-3,2) returns the serial number representingSeptember 2, 2015.corporatefinanceinstitute.com40
The Corporate Finance Institute Excel3. Day – It is a required argument. It can be a positive or negative integerrepresenting day of a month from 1 to 31.• When day is greater than the number of days in the specifiedmonth, day adds that number of days to the first day of the month.For example, DATE(2016,1,35) returns the serial numberrepresenting February 4, 2016.• When day is less than 1, this function will subtract the value of thenumber of days, plus one, from the first day of the month specified.For example, DATE(2016,1,-15) returns the serial numberrepresenting December 16, 2015.How to use the DATE Function in Excel?The Date function is a built-in function that can be used as a worksheetfunction in Excel. To understand the uses of this function, let’s consider fewexamples:Example 1Let’s see how this function works using the different examples below:Formula used Result RemarksDATE(YEAR(TODAY()),MONTH(TODAY()), 1)January 11,2017Returns the first day of the currentyear and monthDATE(2017, 5, 20)-15 May 5, 2017 Subtracts 15 days from May 20, 2017corporatefinanceinstitute.com41
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