The YEARFRAC function has an optional argument that controls how days are counted when computing fractional years. The default behavior is to count days between two dates based on a 360-day year, where all 12 months are considered to have 30 days. The table below summarizes available options:
Note that basis 0 (the default) and basis 4 both operate based on a 360 day year, but they handle last day of month differently. With the US convention, when the start date is the last day of the month, it is set to the 30th day of the same month. When the end date is the last day of the month, and the start date < 30, the end date is set to the 1st of the next month, otherwise the end date is set to the 30th of the same month.
With the European convention, start dates and end dates equal to the 31st of a month are set to the 30th of the same month.
the YEARFRAC function takes two dates, a start date and and an end date, and calculates the time between them in fractional years. In this case, we are using the end date as-is, but generating a start date that equals...
The DATEDIF function (Date + Dif) is a bit of an anomaly in Excel. A compatibility function that comes originally from Lotus 1-2-3, Excel will not help supply arguments when the function is entered. However, DATEDIF...
In this video we'll look at how to calculate the number of years or months between dates using a function called DATEDIF and a function called YEARFRAC. The DATEDIF function is a "compatibility" function that originated from Lotus 1-2-3.
The Excel DAYS360 function returns the number of days between two dates based on a 360-day year. Calculations based on a 360-day year comes from certain accounting calculations where all 12 months are considered to have 30 days.
The Excel DATEDIF function returns the difference between two date values in years, months, or days. The DATEDIF (Date + Dif) function is a "compatibility" function that comes from Lotus 1-2-3. For reasons unknown, it is only documented in Excel...