Here is the formula I am using. It's virutally the same except for the logical test at the beginning of IF.

=IF(B2=$O$1,((VLOOKUP(A2,Reference!$A$16:$C$35,(IF (VLOOKUP($A$1,Reference!$A$2:$C$13,3,FALSE)=1,2,3) ),FALSE))/52*(VLOOKUP($A$1,Reference!$A$2:$B$13,2,FALSE))*C2 ),0)

In this case is returns 0 when B2 is empty.

=IF(B2<$O$1,((VLOOKUP(A2,Reference!$A$16:$C$35,(I F(VLOOKUP($A$1,Reference!$A$2:$C$13,3,FALSE)=1,2,3 )),FALSE))/52*(VLOOKUP($A$1,Reference!$A$2:$B$13,2,FALSE))*E2 ),0)

In this case, when B2 is empty it results in N/A. Ideally it would return 0 or - (without custom field formatting) or Hiding Error results.

$O$1 is text: Book Media

Any ideas?