Kristan,

Ok, I've had a few really close looks and re-tested it
several times, but I couldn't find anything wrong with
the latest formula which was suggested. The formula
doesn't pick up what's to the left of the 1st day of
the month.

Please refer to the attached file*, where I've
simulated the test in the sheet: Begining month

In K14 is the same formula as in K11
but with "TODAY()" replaced by: "DATE(2005,8,4)" to
simulate as if "today" is 4th Aug 2005. You'll see
that the correct result is returned in K14 (same
answer as your K9).

*File: Kristan2a_Example.xls
http://savefile.com/files/8213621

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Rgds
Max
xl 97
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Singapore, GMT+8
xdemechanik
http://savefile.com/projects/236895
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