Sep 01 2021 07:30 AM
Let's say I am tracking an annual operation reserves in loan documents, but the contract will allow me to pro rate from the close of escrow to the end of the fiscal year ( FY = 1/1 - 12/31) for the first initial year.
Annual Reserve $40,000
Close of Escrow 8/18/2021
What's the most efficient method to output the pro rate $ amount via formula?
Sep 02 2021 11:42 AM
HI@domdel
Mostly, YEARFRAC() function is used for the purpose of pro-rated calculations.
The function of YEARFRAC() calculates the fraction of the year represented by the number of whole days between two dates (the start_date and the end_date).
I hope this function will be helpful in your case as well.
Please refer the attached sample calculation that tries to address your requirements.
Please let me know if it works for you.
Thanks
Tauqeer