Thirty days has September …
Do you sing that out loud every time you want to determine the number of days in a month? If so, do you have to pause and think about the end when defining the last day of February? More importantly, do you have to write complex logic into your spreadsheet to define this? If so, you may want to learn more about the EOMONTH function in Excel!
The EOMONTH function is designed to tell you the last day of a month – either the current month, a future month, or a historical month. The function has two parameters:
- The start_date parameter defines the initial date of your calculation
- Microsoft recommends using the DATE function for this value
- The months parameter defines the number of months from the start date
- A zero value results in the current month
- A positive value results in a future month
- A negative value results in a previous month
This approach will help you in various planning models such as …
- Workforce planning – when to start calculating benefits
- Asset planning – when to begin the depreciation calculations
This can also be used to define start dates by simply adding 1 to the result and determining the first day of the next month. Now we just need a formula to help us when someone obnoxiously tells us to “just perform the task on each day that ends in Y.”
IBM Planning Analytics, which TM1 is the engine for, is full of new features and functionality. Not sure where to start? Our team here at Revelwood can help. Contact us for more information at firstname.lastname@example.org. And stay tuned for more Planning Analytics Tips & Tricks weekly in our Knowledge Center and in upcoming newsletters!