Perpetual Contract Renewal Formula
Hello All!
I am trying to create a formula that will automatically update the end date to a contract based on a renewal timeframe. For example, Contract Start date 12.31.19, Contract end date 12.31.20 at the end of the contract, the contract will renew for 1 year perpetually on the same date. Right now we are at 11.8.24, so the next renewal will be 12.31.24. How do I create a perpetual formula?
Thank you in advance! This is a litter higher then my experience level.
Concetta
Answers
-
To create a formula that automatically updates the contract end date based on a perpetual yearly renewal, you’ll want to calculate the next renewal date based on the current date and the original contract start date. Here’s how to do it in Smartsheet.
Assuming:
Start Date
is in a column namedStart Date
.Renewal Period
is 1 year (12 months).- You want the next renewal date to update automatically.
Here’s a formula that should work to calculate the next renewal date based on today’s date:
Formula for Perpetual Contract Renewal
excelCopy code=IF(TODAY() > DATE(YEAR(TODAY()), MONTH([Start Date]@row), DAY([Start Date]@row)), DATE(YEAR(TODAY()), MONTH([Start Date]@row), DAY([Start Date]@row)), DATE(YEAR(TODAY()) - 1, MONTH([Start Date]@row), DAY([Start Date]@row))) + 365
Explanation
- Calculate Renewal Date Based on Start Date:
- The formula uses the original start date to determine the yearly renewal.
DATE(YEAR(TODAY()), MONTH([Start Date]@row), DAY([Start Date]@row))
calculates the renewal date for the current year.
- Conditional Logic:
- If today’s date is later than the calculated renewal date, it sets the next renewal date to the same day in the current year plus 1 year (
+ 365
days). - Otherwise, it sets it for the previous renewal year and adds a year.
- If today’s date is later than the calculated renewal date, it sets the next renewal date to the same day in the current year plus 1 year (
- Account for Yearly Renewal:
- The
+ 365
at the end adds one year to the last renewal date, ensuring that it continues perpetually each year on the same date.
- The
Example
For a start date of 12/31/2019, this formula calculates the next renewal date as 12/31/2024 if today’s date is 11/08/2024.
This formula can handle yearly renewals by adjusting the date based on the current date without manual input, creating a “perpetual” renewal system. Let me know if you'd like any further customization!
Murphy Carlson
DigitalRadius, Smartsheet Platinum Partner
mcarlson@digitalradius.com
-
I would suggest this:
=DATE(YEAR(TODAY()) + IF(TODAY() > DATE(YEAR(TODAY()), MONTH([Start Date]@row), DAY([Start Date]@row)), 1, 0), MONTH([Start Date]@row), DAY([Start Date]@row))
Categories
- All Categories
- 14 Welcome to the Community
- Smartsheet Customer Resources
- 63.8K Get Help
- 406 Global Discussions
- 218 Industry Talk
- 457 Announcements
- 4.7K Ideas & Feature Requests
- 141 Brandfolder
- 136 Just for fun
- 57 Community Job Board
- 459 Show & Tell
- 31 Member Spotlight
- 1 SmartStories
- 297 Events
- 37 Webinars
- 7.3K Forum Archives