Excel is one of the most widely used software tools in the world, thanks to its powerful capabilities for data analysis and manipulation. Whether you’re a student, a business owner, or anyone who works with data, chances are you’ve used Excel at some point.
One of the most common tasks in Excel is calculating someone’s age or the age of a particular account or asset. Fortunately, doing this in Excel is easy and doesn’t require any advanced knowledge of formulas or functions.
How to Calculate Age in Excel
There are several ways to calculate age in Excel. Here are three different methods:
Method 1: Using the TODAY() Function
The TODAY() function returns the current date, so you can use it to determine someone’s age in years, months, and days. Here’s how to do it:
- Enter the birthdate in a cell. Let’s say the birthdate is in cell A2.
- Type the following formula in another cell to get the person’s age in years:
=YEAR(TODAY())-YEAR(A2)
- Type the following formula in another cell to get the person’s age in months:
=(YEAR(TODAY())-YEAR(A2))*12+MONTH(TODAY())-MONTH(A2)
- Type the following formula in another cell to get the person’s age in days:
=TODAY()-A2
With these formulas, you can easily calculate someone’s age based on their birthdate.
Method 2: Using the YEARFRAC() Function
The YEARFRAC() function returns the fraction of a year between two dates, so you can use it to determine someone’s age in years. Here’s how to do it:
- Enter the birthdate in a cell. Let’s say the birthdate is in cell A2.
- Type the following formula in another cell to get the person’s age in years and fractions of a year:
=YEARFRAC(A2,TODAY())
This formula returns the person’s age in decimal form, so you can format the cell as a fraction to get a more traditional age display.
Method 3: Using the INT() Function
The INT() function rounds a number down to the nearest integer, so you can use it to determine someone’s age in years. Here’s how to do it:
- Enter the birthdate in a cell. Let’s say the birthdate is in cell A2.
- Type the following formula in another cell to get the person’s age in years:
=INT((TODAY()-A2)/365)
With this formula, you can easily calculate someone’s age based on their birthdate.
Creating an Accounts Receivable Aging Report in Excel
If you’re a business owner or accountant, you may need to create an accounts receivable aging report to see how long your customers have been outstanding on their invoices. Here’s how to do it:
First, you need to download a list of your invoices that includes the invoice date and the current balance due. You can do this in your accounting software or by exporting data from your invoicing system.
Next, you’ll need to create a table in Excel with the following columns:
- Client Name
- Invoice Date
- Current
- 1-30 Days Past Due
- 31-60 Days Past Due
- 61-90 Days Past Due
- Over 90 Days Past Due
In the “Current” column, you’ll enter the amount due for invoices that are not yet past due. In the “1-30 Days Past Due” column, you’ll enter the amount due for invoices that are between 1 and 30 days past due. In the “31-60 Days Past Due” column, you’ll enter the amount due for invoices that are between 31 and 60 days past due. And so on.
Once you’ve created this table, you can enter the following formulas to calculate each client’s balance in each aging category:
- In the “Current” column, enter the following formula:
=IF(DAYS360(B2,TODAY())<=30,C2,0)
- In the "1-30 Days Past Due" column, enter the following formula:
=IF(AND(DAYS360(B2,TODAY())>30,DAYS360(B2,TODAY())<=60),C2,0)
- In the "31-60 Days Past Due" column, enter the following formula:
=IF(AND(DAYS360(B2,TODAY())>60,DAYS360(B2,TODAY())<=90),C2,0)
- In the "61-90 Days Past Due" column, enter the following formula:
=IF(AND(DAYS360(B2,TODAY())>90,DAYS360(B2,TODAY())<=120),C2,0)
- In the "Over 90 Days Past Due" column, enter the following formula:
=IF(DAYS360(B2,TODAY())>120,C2,0)
With these formulas, you can easily see how long each client's invoices have been outstanding and how much is due in each aging category.
FAQ
1. What other types of reports can I create in Excel for my business?
Excel is a versatile tool that can be used to create a variety of reports and analyses for your business. Some examples include:
- Sales reports
- Expense reports
- Inventory reports
- Profit and loss statements
- Cash flow statements
With the right data and formulas, you can create all sorts of reports and analyses in Excel to help you make informed business decisions.
2. Can I use Excel to create charts and graphs?
Yes, Excel has powerful chart and graphing capabilities that allow you to create visually appealing charts and graphs from your data. Simply select your data and choose the type of chart or graph you want to create from the Insert menu.
Video Tutorial:
Here's a helpful video tutorial on how to calculate age in Excel: