Need to find the last business day in a month for your financial calculations? This Excel formula for calculating the last business day in a month is essential for financial analysts, accountants, and anyone working with banking deadlines. Let me show you a simple Excel formula that handles weekends and holidays automatically.
Why Calculate the Last Business Day in Excel?
Finding the last business day is crucial for many financial processes, including:
- Month-end banking transactions
- Financial reporting deadlines
- Interest calculations
- Payment scheduling
Excel Formula for Last Business Day Calculation
The Excel formula below accounts for both weekends and holidays to accurately find the last business day of any month:
=WORKDAY(EOMONTH(A2,0)+1,-1,holidays!A:A)Breaking Down the Last Business Day Formula
Let’s examine each component of this Excel formula:
| Component | Purpose |
| EOMONTH(A2,0) | Returns the last day of the month in cell A2 |
| EOMONTH(A2,0)+1 | Moves to the first day of the next month |
| WORKDAY(…,-1,…) | Counts backward one business day |
| holidays!A:A | References your holiday list |
How to Set Up Your Excel Formula
To implement this last business day calculator in your spreadsheet:
- Enter your reference date in cell A2 (any date in the month you’re analyzing)
- Create a separate sheet named “holidays” with all relevant holidays listed in column A
- Enter the formula in your desired cell
Tips for Using the Last Business Day Formula
For best results with your Excel last business day calculations:
- Keep your holiday list updated annually
- Consider regional differences in holidays if working internationally
- Format the result cell as a date for better readability
This formula has saved me countless hours when preparing month-end financial reports. It’s especially helpful when dealing with international banking schedules.
For more advanced Excel formulas and financial calculation tips, check out Microsoft’s Excel Support or Excel Forum where users share practical solutions.