EOMONTH Function in Excel: Explained

In this article you will learn how to use the EOMONTH formula in Excel

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What does the EOMONTH formula do in Excel?

The EOMONTH function in Excel is used to calculate the last day of the month for a given date. It is a useful tool when working with financial data, such as calculating the due date of a bill or interest payment.

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Where is the EOMONTH function used?

The EOMONTH formula is a powerful tool for financial analysis and planning, and can be used in a variety of ways to help you make better decisions based on accurate and up-to-date data.Here are some examples:

1. Calculating due dates: EOMONTH can be used to calculate the due date for invoices, loan payments, and other financial obligations. For example, if you have a payment that is due 30 days after the end of the month, you can use EOMONTH to calculate the due date based on the invoice date.
2. Budgeting: The EOMONTH formula can compute the end of each month for budgeting purposes. This can help you track expenses and income, and adjust your budget accordingly.
3. Interest calculations: The EOMONTH function can calculate interest payments that are due at the end of each month. For example, if you have a loan with a monthly interest rate, you can use EOMONTH to calculate the interest due at the end of each month.
4. Forecasting: EOMONTH allows you to understand the end of each month for forecasting purposes. This can help you predict future trends and adjust your strategy accordingly.

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How to use the EOMONTH formula in Excel?

The syntax for the EOMONTH formula is as follows:

=EOMONTH(start_date, months)

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start_date: This is the starting date for which you want to find the last day of the month. It can be a cell reference or a date entered directly into the formula.

months: This is the number of months you want to add to the starting date. It can be a positive or negative value. Positive values will move the calculation forward in time, while negative values will move it backward.

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Note 1: If the “months” argument is not an integer, the EOMONTH truncates the input value.
Note 2: When “start_date” or “start_date” plus “months” is not a valid date, the formula gives you the #NUM! error value.

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You can learn about other Excel and Google Sheets formulas and tips that are not mentioned here on this page: LiveFlow‘s How to Guides