I inherited this prepaid insurance schedule at work, and I cannot for the life of me, figure out what is going on with the formula in column T of the "Other Ppd Exp Summary" Tab. If you know how a prepaid amortization schedule is supposed to work, the final month of an expense should decrease the prepaid balance to zero, which is happening on a lot of rows in this file, but not for a lot of other rows.
All of the yellow cells in column T are currently hardcoded, because if the formula is used, it defaults to 0, which is not correct because the value in column H, the end date, is the same as the month that is being accounted for. They are both 6/30/24, which means that there should be one last month of amortization expense.
I can't understand why this formula is working for some of the rows with a 6/30/24 end date, and not the others.
Here is what the formula is doing:
1. Dividing the total expense (column I) by the number of months between the start date and end date (Columns G and H)
2. If the reporting date (Cell A1) is greater than the end date (Column H) then the value should be zero.
3. If the Value in (Column J) is "Monthly", then the value in (Column T) should follow #1 above. If the value in (Column J) is "One Time", then the value in (Column T) should equal the full Total Expense in "Column I" .
4. If the Value in (Column K) Is set to "Expense", the formula should follow all rules above. If it is set to "Hold", the value in "Column T" should be zero.
The problem that I am finding is that the cells in (Column T) that are highlighted yellow, and are currently hardcoded, when the formula is applied, it is not taking the last month of amortization (Column I divided by the number of months between Column G and H) into consideration, and instead giving a zero value. An example of a cell where this is functioning correctly is (Cell T15), whereas (Cell T17) is not. Both values should equal one last month of amortization, but only (Cell T15) is doing that.
Is anyone able to assist?
Many thanks in advance!
Bookmarks