5 Tricks To Find The Last Business Day Of The Month In Excel

When working with data in Excel, knowing how to find the last business day of the month can be incredibly useful, especially for financial analysis, reporting, and project management. Whether you’re closing out monthly reports or determining due dates, having this skill at your fingertips is essential. In this guide, we will delve into five effective tricks to help you find the last business day of the month in Excel. So grab your computer, open Excel, and let’s get started! 📊

1. Using the EOMONTH Function

The first and perhaps the most straightforward method is using the EOMONTH function. This built-in function is designed to return the last day of the month for a specified date. Here's how you can use it:

Step-by-Step Guide:

1. Select a cell where you want to display the last day of the month.
2. Enter the formula:

   =EOMONTH(A1, 0)
   

   In this formula, A1 is the cell containing the date you want to evaluate. The 0 indicates that we want the last day of the current month.
3. Press Enter, and the cell will now display the last day of the month of the date in cell A1.

Example:

If A1 contains 15-Jan-2023, the formula will return 31-Jan-2023.

Important Note:

<p class="pro-note">Make sure the date in cell A1 is a valid Excel date format, or else you may encounter errors in your results.</p>

2. Adjusting for Weekends and Holidays

While the EOMONTH function gives you the last day of the month, it may fall on a weekend or holiday. To find the last business day, you can modify the EOMONTH function.

Step-by-Step Guide:

1. Use the following formula:

   =WORKDAY(EOMONTH(A1, 0), -1)
   

   This formula finds the last business day before the last day of the month in cell A1.

2. Press Enter, and you will get the last business day.

Example:

If A1 is 31-Jan-2023, the formula returns 30-Jan-2023 if the 31st is a holiday.

Important Note:

<p class="pro-note">You can include a list of holidays in the WORKDAY function for more accurate results:</p>

=WORKDAY(EOMONTH(A1, 0), -1, holiday_range)

3. Utilizing the NETWORKDAYS Function

If you're interested in knowing how many working days are left in a given month, the NETWORKDAYS function can also assist. This can indirectly help you determine the last business day.

Step-by-Step Guide:

1. Use the following formula:

   =EOMONTH(A1, 0) - NETWORKDAYS(A1, EOMONTH(A1, 0)) + 1
   

2. This will yield the last business day of the month considering the working days.

Example:

For A1 as 1-Feb-2023, the output will show 28-Feb-2023 if the 28th is a business day.

Important Note:

<p class="pro-note">Adjust the range in NETWORKDAYS to consider your weekends and specific holidays.</p>

4. Creating a Dynamic Formula with IF Conditions

Another trick to determine the last business day dynamically is to use an IF statement combined with the DAY function.

Step-by-Step Guide:

1. Set up your formula like this:

   =IF(OR(WEEKDAY(EOMONTH(A1, 0))=1, WEEKDAY(EOMONTH(A1, 0))=7), EOMONTH(A1, 0) - WEEKDAY(EOMONTH(A1, 0)), EOMONTH(A1, 0))
   

2. Press Enter, and this formula will check whether the last day of the month is a weekend.

Example:

If A1 is 10-Mar-2023, it will automatically adjust to return 30-Mar-2023 if the month ends on a Saturday.

Important Note:

<p class="pro-note">This formula may not account for holidays, so consider adding a holiday logic if necessary.</p>

5. Using VBA for Advanced Users

For those who are comfortable with coding, using VBA (Visual Basic for Applications) can provide a robust solution to identify the last business day of the month.

Step-by-Step Guide:

1. Press Alt + F11 to open the VBA editor.
2. Insert a new module and paste the following code:

   Function LastBusinessDay(ByVal targetDate As Date) As Date
       Dim lastDay As Date
       lastDay = WorksheetFunction.EoMonth(targetDate, 0)
       Do While Weekday(lastDay, vbMonday) > 5 ' 6 = Saturday, 7 = Sunday
           lastDay = lastDay - 1
       Loop
       LastBusinessDay = lastDay
   End Function
   

3. Press F5 to run the code.
4. In Excel, you can now use the function as:

   =LastBusinessDay(A1)
   

Example:

When A1 contains a date, using =LastBusinessDay(A1) will return the last business day of the month.

Important Note:

<p class="pro-note">Remember to save your workbook with macros enabled (.xlsm) to preserve your VBA code.</p>

<div class="faq-section"> <div class="faq-container"> <h2>Frequently Asked Questions</h2> <div class="faq-item"> <div class="faq-question"> <h3>How can I include holidays in my calculations?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>You can include a holiday range in the WORKDAY and NETWORKDAYS functions to account for holidays in your calculations.</p> </div> </div> <div class="faq-item"> <div class="faq-question"> <h3>What if the last day of the month is a weekend?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>Use the WORKDAY function to find the last business day that precedes a weekend.</p> </div> </div> <div class="faq-item"> <div class="faq-question"> <h3>Can I apply these methods for multiple months at once?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>Yes, you can drag down your formulas to apply them to other months in adjacent cells.</p> </div> </div> <div class="faq-item"> <div class="faq-question"> <h3>Do I need to enable macros to run VBA code?</h3> <span class="faq-toggle">+</span> </div> <div class="faq-answer"> <p>Yes, you must enable macros and save your file as a macro-enabled workbook (.xlsm) to run VBA functions.</p> </div> </div> </div> </div>

To wrap it all up, finding the last business day of the month in Excel can be effortlessly achieved with a range of methods—from simple formulas to advanced VBA code. Knowing these tricks not only enhances your Excel skills but also improves your efficiency in handling data. Don’t forget to practice these techniques, and explore more related tutorials to enhance your Excel toolkit! Remember, every advanced user starts with the basics!

<p class="pro-note">💡Pro Tip: Experiment with combining different formulas to create customized solutions for your unique data challenges!</p>