EOMONTH Function: Simplifying Monthly Financial Calculations in Excel

Clear Tutorial about EOMONTH Function in Excel with Practical Examples & Scenarios

EOMONTH Function in Excel: This is a simple yet effective Date related Function in the Microsoft Excel. This function returns the last day of the month after adding or subtracting a specified number of months to a given date. This function helps Managing scheduled payments from Credit Card, to Salaries, and financial calculations, project deadlines, and scheduling.

EOMONTH Function – Syntax

=EOMONTH(start_date, months)

Required Arguments

1. start_date – The Reference Date
2. months – The total number of months to move forward or backward

Function Compatibility

Since Excel 2010, EOMONTH is available as a built-in function. However, EOMONTH Function was first introduced on Excel 2007 as part of the Analysis ToolPak Add-in.

Basic Usage of EOMONTH Function in Excel

Note: While working with DATE functions, you may get the output as random numbers instead of Date as output. This is a very common error that users may encounter, and it can be fixed by changing the output Number Format.

Using EOMONTH Function with Practical Example & Scenarios

This function has practical benefits in various department like HR Payroll, Loan Dues, Financial Reports, Deadline Calculations, etc. To understand this function in a better way, let us discuss several practical scenarios with examples.

Example 1: Calculating Salary Payment Date

In this scenario, an employee gave his resignation and the month end will be his last date of working, and the salary will be calculated based on that. Instead of checking up the calendar manually, we can automate it using the EOMONTH Function in the Excel.

• The Employee’s notice period starts from March 01, 2025. Hence, to calculate the last day of the month, we can use the following EOMONTH Function.

  =EOMONTH("01-Mar-2025", 0)

• The output will be 31st March 2025, as it is the last day of the current month.

Example 2: Bank Calculating Loan Dues

A Cooperative Bank is issuing a 14 month for a farmer. The loan start on March 10, 2025. Now, the Bank has to calculate the last day of the month after 14 months. They can simply use the EOMONTH Function in the Excel.

=EOMONTH("10-Mar-2025", 14)

• The output will be 31st May 2026. So, May 31st, 2026 is the last day of the month from 14 months from the specified date. The loan gets completed.

Example 3: A GPU Company trying to find the last day of the previous Quarter

A GPU Production company wants to review sales data at the end of every quarter. Considering today as March 17, 2025, the company wants to check the last day of the previous quarter that is Q4 of 2024.

• Instead of using the date, let’s use TODAY Function, as today is March 17, 2025.

  =EOMONTH(TODAY(), -3)

Note: The Negative sign in the Month Argument informs excel to calculate the previous value (backward value).

• The output will be 31-December-2024. This will be the last day of the previous quarter Q4.

Example 4: Finding the Last Friday of a Month (Advanced Usage)

You can easily find the last Friday of the given input month using EOMONTH and WEEKDAY function. To do this you might need to use the below formula.

=EOMONTH(B4,0) - MOD(WEEKDAY(EOMONTH(B4,0)),7) - 1

Functions Used:

• EOMONTH: This function used to return the last day of the month depending specified number of months before or after it
• MOD: This function is used to return a reminder from the division.
• WEEKDAY: This function is used to return the day of the week as a numerical value.

Other Advanced Examples:

The following examples explains the advanced usage of the EOMONTH function to return output based on given input dates in multiple scenarios.

Take Away

Just like other essential Date related Functions such as EDATE Function, DATE Function, etc., EOMONTH in the Excel is a useful function to calculate the last day of the month from the specified month. This tutorial is originally published on How to Use EOMONTH Function in Excel?