EDATE Function in Microsoft Excel

In Microsoft Excel, the "EDATE" function is termed to be the date as well as the time function, that can be used for the purpose of adding a given number of months into a particular date and it will also provide us with the date in a numerical format of a date, respectively. The "EDATE" Function in Excel is also known as Excel Add Month to Date.

Besides all this, the respective "EDATE" function's arguments primarily take date and the integers, with date as the start_date. The number of months is an integer which can be used to add to the given start date, and the output returned by this function is also a "date value." Therefore, we can easily make use of this function as: =EDATE (start_date, months).

• For Example: Let us consider a case where we usually want to subtract months as the second argument; in that case, we must insert a number in a negative format.

= EDATE ("10/15/20",-4), which will result in:

8/15/20

List out the key takeaways related to the EDATE function In Microsoft Excel.

The various Keytakeaways which are associated with the EDATE function in Microsoft Excel are as follows:

1. It is well known that the Excel Add Months to Date primarily returns the next month, or it can also return the previous month's date with respect to the date which we have entered as the current date, and it should be noted that the date must be the same while month can be different.
2. In Microsoft Excel, the selected dates are stored in the serial numbers format, so the calculation process is much easier. Moreover, by default, the starting date would be 1st January 2000, with a serial number 1. Then from there, the date will increase by 1 i,e., 01st January 2000, 02nd January 2000, 03rd January 2000, 04th January 2000, and so on, are 1,2,3,4.
3. Moreover, this respective function may also exist in creating the financial model. For the monthly model or the quarterly model, we can easily add one month or 3 months to the beginning of the start date.

What do we mean by the term EDATE Function in Microsoft Excel?

It was well known that the respective EDATE function in Microsoft Excel is termed to be the built-in function that falls under the DATE and TIME functions. EDATE in Excel is purposely used for getting a date on the same day of the month, which means that getting of "x" months in the past or future respectively.

Moreover, the EDATE function basically returns out the date's serial number, as well as the indicated number of months before or after the given start date, in contrary to this, the EDATE function in Microsoft Excel also calculates out the due dates, expiration dates, as well as the dates of maturity effectively.

EDATE Formula in Microsoft Excel

In Microsoft Excel, before working with the EDATE formula or function, we are required to understand the syntax of this formula as well:

Syntax:

The syntax for the EDATE formula in Microsoft Excel is as follows:

It was well known that the respective "EDATE" in Microsoft Excel has two arguments. And both of them are required when,

1. Start_date: A Start_date is primarily a date representing the start date in a valid Excel serial number format.
2. Month: Month effectively represents the number of months before or after start_date.

What are the various advantages of using the EDATE function in Microsoft Excel?

The various advantages of using the EDATE function in Microsoft Excel are as follows:

1. Helps perform the Arithmetic operation on Data: In Microsoft Excel, the EDATE function allows an individual to add or subtract the specified number of months from or to a given date, simplifying the calculation based on the data.
2. It provides consistency to the data: The EDATE function in Microsoft Excel usually helps maintain consistency in the date calculations in spreadsheets, reducing the risk of errors compared to manually changing the dates.
3. Provides compatibility: The respective EDATE function is now available in all the recent versions of the Excel sheet, making it effectively compatible for all users across different Microsoft Excel versions.
4. Ease of use: The edate function is primarily considered a straightforward function, as it requires only two arguments: the starting date and the number of months to add or subtract effectively.
5. Helps reduce the risk of getting errors: It was well known while automating the data calculations. EDATE helps reduce manual errors while subtracting or adding the months manually.
6. Time Savings: This function saves time by automating date adjustments in a particular scenario where dates need to be rolled out either in the forward or backward format by a setting number of months.
7. Financial Analysis: It's valuable for financial modeling, as it can calculate future or past payment dates, interest accruals, and more.
8. Reporting: In Microsoft Excel, when an individual generates a report with variable time frames, then in that case, the respective EDATE function ensures that date-related data is always up-to-date.
9. Tracking Events: The EDATE function in Microsoft Excel is useful for tracking events or milestones at regular intervals. Example: Monthly report, Weekly report.

What are the disadvantages of using the EDATE function in Microsoft Excel?

The various disadvantages or limitations that are associated with the use of the EDATE function in Microsoft Excel are as follows:

1. It is quite limited to Data Arithmetic: The EDATE function in Microsoft Excel is very much limited to simple arithmetic operation, and if we are required to perform more complex data calculation or wants to handle time intervals, then in that particular scenario, we are required to make use of the other Excel function, or we can use VBA macros as well.
2. It could be better for real-time calculation: We all know that the respective EDATE function is static and, hence, not ideal for real-time calculation, especially when dealing with dynamic or frequently changing dates.
3. Lack of Version Compatibility: Excel with older versions may not support the respective EDATE function, so the compatibility can cause a severe issue while sharing the workbook with other individuals.
4. It is unsuitable for All Date calculation: The EDATE function could be more capable of handling complex situations. Some date-related tasks may require VBA (Virtual Basic for application) or some advanced function In Microsoft Excel, respectively.
5. Inaccurate for various Calculations: It was well known that the respective EDATE function may add or subtract months to date, which may not accurately account for things like varying month lengths or the leap years, as this can lead to inaccuracies in various date calculations.
6. They are limited to Financial Calculation: When we are working with financial calculations such as interest accrual, then in that case, the EDATE function may only handle some count conventions or the frequencies as well, hence making it less suitable for precise financial modeling.
7. They are limited to the Gregorian Calendar: The EDATE Function primarily follows the Gregorian calendar system, and if we are working with the non-gregorian calendar, like lunar calendars or fiscal calendars, we may need a custom solution.

How can we make use of the EDATE Function in Microsoft Excel?

The respective "EDATE" function in Microsoft Excel is a Worksheet (WS) function. As a Worksheet function (WS), EDATE in Microsoft Excel can be easily entered as a part of the formula in a selected worksheet cell. We may refer to a couple of examples discussed below to get better insights into this.

Use of EDATE Function in Microsoft Excel Worksheet

To better understand the EDATE function in Microsoft Excel, we will consider the various examples below. Each example covers a different use case implemented using the EDATE Excel function.

# Example 1: Use of EDATE function in Excel

For this example, let us assume that we have taken a Washing Machine on EMI for six months, and contrary to that, the respective EMI will be deducted on the 05th of every month. Therefore, we must create an EMI chart with the same monthly date.

• For example, The first EMI will be getting deducted on 05-02-2019 respectively.

And now, for the next five rows, we must have the dates as 05th March 2019, 05th April 2019, and so on for the next five months, respectively.

So the steps which are required to achieve the above example are mentioned below:

Step 1: First, we must open the EDATE function in our selected cell, which is none other than cell B2.

Step 2: The start_date is termed our above month, i.e., B2 cell month.

Step 3: Now, in this step, we must think about how many months we need to add, i.e., one month, so for this, we need to supply the argument as 1.

Step 4: Yes, we have the next month's change but not the date here. So, for this, we must effectively fill down the formula to the remaining cells to have all the month's dates as the 5th as well.

# Example 2:

As in the below-mentioned table, we have written out various dates in the column labeled as date, and to which we are required to add the number of months mentioned in the Months to add a column; so here in this, with the help of the EDATE function, we are about to find out the finalized dates in column D.

So before applying the EDATE Function, if the column D cells are in a general format, then in that case we are required to convert the date format, as mm-dd-yy format.

Moreover, the date needs to be represented as an incorrect date format. Otherwise, it will appear in a general format, and an EDATE function output will appear as numbers.

Now after that, we need to apply the EDATE function in cell "D9.".

And then we need to select the cell "D9" where an EDATE function needs to be applied; after that, click on the insert function button (fx), which is efficiently present under the formula toolbar, and by doing so, a dialog box will get appear on our screen where we will be typing the keyword "EDATE" in the search for a function box, EDATE function will be appearing in the Select a function box.

We will be then Double-clicking on an EDATE function so that a dialog box appears where arguments for the EDATE function need to be entered out, i.e., =EDATE(start_date, months)

In which,

Start_date: is termed to be the date, reference cell, or date in number format; either is entered to get the desired output. Here, we have mentioned the reference cell, which is none other than cell "B9."

Months: In this, we entered here as a reference cell, that is "C9," or we can also add 4, which is the number of months to add:

=EDATE (B9,C9)

After filling in both arguments, we must click the "OK" option to proceed.

=EDATE(B9, C9), this will return the finalized date value as of 7/16/2017 in cell D9.

And to get the finalized date for the complete dataset, we must click inside cell D9 to see whether the cell has been selected or not, after that we need to select the cells till D16. Once it get selected, the column range will also be selected, and we will press Ctrl + D shortcut button to apply the EDATE Formula to the whole range.

# Example 2:

In this example, we have mentioned the table, in which we have written out the various dates in the column known as "date," to which we are required to subtract the number of months as it was mentioned in the Months to subtract column.

While taking the "EDATE function," in consideration we are required to out find the finalized dates in column K.

And before applying the EDATE function, if column K cells are present in the general format, then firstly we will be converting it into the date format that is: mm-dd-yy format. Otherwise, it will appear in a general format, and an output of the date function will appear as numbers as wells.

After performing the above step, we must apply the "EDATE function" in cell "K9," respectively.

Now, after that, we need to select the respective cell "K9" in which an EDATE function needs to be applied; then we will click on the insert function button (fx) under the formula toolbar, and by doing so, a dialog box will get appears on our screen. We will then type the keyword "EDATE" in the search for a function box.

After performing the above step, we will now Double on an "EDATE function," and by doing so, a dialog box will appear on our screen in which we need to fill in arguments or can be entered for the EDATE function, i.e., =EDATE(start_date, months).

• start_date: It is termed as the date or the reference cell or we can consider this as date in the number format, and one can enter either of them to get the desired outcome. In this example, we have mentioned the reference cell "I9."
• Months: In this part, we have entered "J9" as a reference cell, or instead of this, we can also add -3(a negative number), which is the number of months to subtract as well.

=EDATE (I9, J9)

After entering arguments in both columns, we must click the "OK" option to proceed.

=EDATE (I9, J9) means it will be returning the finalized date value as of 6/7/17 in cell that is none other than cell K9.

And now to get the finalized date for the complete dataset, we will click inside cell K9 to see the cell selected, and then we will be selecting the cells until K16. After selecting the column range, we will select the desired cell and then click on our keyboard's Ctrl + D shortcut button to apply the EDATE Formula in Microsoft Excel to the whole range.

How to Add Months to Date by making use of the EDATE Function in Microsoft Excel?

We can easily add months to data by just making use of the EDATE Function, but this is restricted to be used for some special cases only, which are as follows:

1. For different Results in the Case of February.
2. In case we have a Special Due Date for Leap Year.
3. To get the Previous Months with Negative Numbers.

Now we will be getting their better insight with the help of the examples:

Example #3: For different Results in the Case of February

Suppose that we have taken the loan, and for that respective loan, the EMI due is on the 30th of every month. The first will be on 30th October 2018, and EMI is for six months, so let us apply the EDATE function to arrive at all the month's due dates effectively.

And if we go through the above function, the first thing is when it ends the year 2018 in Dec... After that, it automatically jumps to the next year, which means 2019.

And the second thing is in February 2019, which is considered to be a non-leap year. So, it will be having only 28 days. So, for this, the above formula has returned the due date as 28th February 2019.

#Example 4: Special Due Date for Leap Year

To consider the above case, we will be taking an example of a year that has a leap year. And in case of a leap, the year formula will return on 29th February, not the 28th February, respectively.

# Example 5: To Get Previous Months with a Negative Number

From the above example, we have learned how to get next month's date from the current date easily. What if we get the previous months from the current date?

Let us assume that we have the starting date as 05th September 2018, and we must go back for six months.

So, to achieve the above task, we need to apply the EDATE function, but in the number of months to add mention -1 as the argument, as depicted below:

List out the things that need to be remembered by an individual while working with the EDATE Function?

The important things which are required to be remembered an individual while workings with the EDATE function in Microsoft Excel are as follows:

1. An individual must remember that, the EDATE Excel function gives out the date as a serial number, and the indicated number of months before or after the given start date respectively.
2. And an individual must ensure that they have enter the date value by making use of the DATE (). It will help us avoid supplying the argument start_dateas a text value to the EDATE Excel function.
3. For an invalid start_dateor non-numeric arguments, the EDATE () returns the #VALUE!
4. And if in case the argument months is not in the form of integer, then in that particular case the EDATE () basically make use of the truncated value as the argument.
5. If the EDATE () executes and determines an invalid date, then the function will eventually throws the #NUM!
6. Moreover, in the month argument, an individual must make use of a positive number in months for the purpose of getting a future date as well as the negative number to obtain a past date respectively.
7. EDATE Function in Microsoft Excel will give an individual the same date in the future and past, and it will not consider that there are 31 days, 30 days, or 28 days in a month.