I toyed with the idea for some more time and came up with this formula. it works just fine.
Requirements first:
1. I need to calculate the sixth working day from the date of receipt of a project. The sixth working day will be the due date.
2.Saturday are working days for most Indian companies; so is for mine.
3. Holidays for the year 2011 are given in the named range Holidays2011.
Now the formula:
=IF(OR(WEEKDAY(A1)=2,WEEKDAY(A1)=7),WORKDAY(A1,4,Holidays2011)+1,WORKDAY(A1,4,Holidays2011)).
where A1 contains the date from which the due date needs to be calculated.
The logic:
1. If I receive the project on a Monday, I go to the Friday of that week and add one day to get Saturday.
2. If I receive the project on a Saturday, I go to the next Friday, which is nothing but going to the next Thursday and adding one day to get Friday. (Why I'm doing this? Please wait).
3. If I receive the project on any other day, I just move forward five working days from tomorrow.
Caveats:
1. Why I used 4 in the Workday formula, not 6? Because the formula will start counting from the next working day.
2. What is the logic in Logic 2 above? Just to have the same formula as in Logic 1 and to simplify the formula.