Introduction
Managers often search for a universal tool that will help effectively organize and optimize the work with data. They require it to get reports more quickly and to glimpse the results in graphs and charts. Such a tool does exist; Excel is a versatile software instrument from the MS Office package, which helps to boost earnings, optimize prices, and keep expenditures under authority. Among the wide variety of tools, the DAYS360 function is one of the most used and practical. The Days360 operation is utilized to estimate payments and is manageable to employ, provided the accounting is founded on twelve 30-day months.
Using the DAYS360 Function: Purpose and Applications
The DAYS360 function is one of the main Excel features that help to optimize the workflow. It returns the number of days between two dates based on a 360-day year, utilizing one American or European calculation method (Korol, 2022). This function is used to calculate payments if the accounting system is based on twelve 30-day months. The start date and end date are two periods, the number of days between which you want to calculate.
If the argument is TRUE, the calculation is done using the European method. It assumes that the start and end dates, which fall on the 31st day of the month, are equal to the 30th day of that month (Korol, 2022). If this argument is FALSE or omitted, another approach is operated. Then, the calculation is done using the American method, which assumes that if the start date is the last day of the month, it is the 30th day of that month (Korol, 2022).
Applying the technique is quite superficial and demands only pushing the insert function icon, which is located on the top toolbar. Before the formula line, one has to determine a date and time group from the inventory of operations, then DAYS360, and enter the demanded arguments, separated by a semicolon.
Conclusion
Thus, the DAYS360 function in Excel is designed to calculate the number of days between two dates given as its arguments and returns the corresponding numerical value, considering that a year contains 360 days. Some accounting systems use it for workflow optimization, payment control, and calculation. This function is one of the most often employed and effortless to utilize, which justifies its introduction into the workflow.
Reference
Korol, J. (2022). Excel 2021: Microsoft 365 programming by example. Stylus Publishing, LLC.