What Does It Do?
These functions are used to calculate the difference between two dates and express of the numerical values the result as a decimal fraction. We are change the formatting according to choose i.e. number or percentage.
Basis: Defines the Calendar system to be used in the function.
0: number or omitted USA style 30 days per month divided by 360.
1: The 1 is use for 29 or 30 or 31 days per month divided by 365.
2: The 2 is use for 29 or 30 or 31 days per month divided by 360.
3: The 3 is use for 29 or 30 or 31 days per month divided by 365.
4: The 4 is use in European 29 or 30 or 31 days divided by 360.
This result will be show as a decimal fraction, but we can be formatted as a percent.
These tables were used by a company which hired some people on short term contracts for a part of the years. These pro Rata of salary which are represents the annual salary entered. Its start and End dates of the contract are entered, then the company was used this =YEARFRAC() functions is used to calculate the actual salary for the portion of the year.
We are extra 1 added to the End date to compensate for the fact that the =YEARFRAC() function calculates from the Start date up to, but don’t including the End date.