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Years-Fraction

The years-frac function allows you to determine the fraction of a year based on two dates. Activate the function wizard, it must be on Date and Time- you need to find YEARFRAC – this returns the year fraction representing the number of whole days between Start_date and End_date. Click OK. Insert the start date- 1^st Jan 09 (A11) and the end date 1^st Jan 10 (B11). You can also insert the Basis – which is the type of day count basis to use.  When I click OK you’ll see I get an answer – between the 1^st Jan 09 and the 1^st Jan 10 is  a whole (one) year. If I copy this down, you’ll see that 15^th June to 5^th July is 0.06 of a year, and the 1^st Jan to 1^st June is 0.42 of a year. What is quite useful is we can then take  the Year Frac numbers and multiply them by 12 (=E11*12) to determine the number of months between the two dates. In the first case the answer is 12 and if we copy down we see that between 15^th June and 5^th July it is 0.67 (just over half a month) and in the third case you will see it is 5.