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Default IF-AND-OR?

We have attendance sheets for each of our employees. On the sheet, we have
an area depicting how much vacation an employee has accrued. As long as
someone has worked for an entire year prior to the beginning of the year,
they will receive 80 hours (2 weeks) of vacation. So, for example, an
individual who started on 4/23/02, the accrual formula looks like this:

=(IF(AE11,MONTH(Y1)*6.667,AE1*6.667)-6.6667)
AE1 contains Years of Service (in this case 4.4)
Y1 contains the current date
6.6667 represents the hours accrued each month (80 hours total will be
accrued)
As of 9/1/06, this individual has accrued 53.34 hours of vacation to be used
in the next calendar year.

The challenge: for those individuals hired in 2005 or later. Someone hired
before the 10th of the month is handled differently than after the 10th of
the month. Example: 9 vacation days earned if hired on or after 3/11 of the
prior year.

Can anyone help?!
 
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