Formula to determine if action overdue

Hi,

I'm trying to create a formula to determine if an action is overdue. If RAR is open and it does not have an action created or it does have an action created and the due date is before today then "overdue", otherwise "in process".

I have tried this but it is not being recognised as a formula. I've not yet attempeted to include the "in process" part

IF(O2="OPEN"&(T2="NO"),IF(T2="YES"&U2<TODAY),"OVERDUE")

O is RAR Status
T is Action created
U is Due date

Can someone point out where I'm going wrong?

Thanks

Thank you for such a speedy and effective response, that seems to have worked a treat.

Wouldn't you know it. I've been asked to put an additional condition into the formula. My chap now wants to insert if T2 = null then overdue. I have tried adding (T2="") into various places in the formula supplied, both with and without AND but where ever I put it I get an error message. I'd be really grateful for help with this, and I really appreciate the help I have already received.

=IF(OR(AND(O2="OPEN",T2="NO"),AND(T2="YES",U2<TODAY())),"OVERDUE","In Process").

Thanks

Thank you once again Richard for coming to my rescue. Hopefully that will satisfy what he needs. You are a star.