I am doing an annual budget my months. I'm looking for a formula to calculate
the monthly cost of salaries where there is an increase during the year.
Here is my example:
Annual salary $50,000
Annual increase $3,000
Date of increase Oct 1
Period of budget Jul 1 to Jun 30.
I need a formula to calculate each month's salary cost. The annual salary is
simply spread evenly over the year, one twelfth each month. Each month I need
to see whether there has been an increase during or prior to that month, if
yes, calculate the amount of that increase to be included in the month.
Very much appreciate any help you can give.
Best regards.