On Wed, 24 Feb 2010 17:56:02 -0800, JJ in LA
wrote:

I need to set up a schedule that would list bi-monthly paydays based on the
15th and last workday of the month. When a pay day falls on a weekend or
holiday it must change to the last workday prior to the 15th or the last
workday of the month.

Is there a simple formula I can use to list what those paydays would be? My
formula goes on and on and I know there must be an easier way.

If I understand what you want:

With some date in the month of interest in A1:

The workday that is either the 15th of the month, or the first workday prior to
that date:

=WORKDAY(A1-DAY(A1)+16,-1,[holidays])

The last workday of the month:

=WORKDAY(DATE(YEAR(A1),MONTH(A1)+1,1),-1,[holidays])

[holidays] represents a range of cells where the holiday dates are stored.

If the function returns a #NAME error, and you are using a version prior to
Excel 2007, see HELP for the WORKDAY function for instructions as to how to
resolve the problem.
--ron