What is the difference between TODAY() and NOW() Function?

The TODAY() function returns only the current date without any time component. It displays the date in the format like 15/01/2024.

The NOW() function returns both the current date and time together. It displays in the format like 15/01/2024 10:30 AM.

Key Difference:

TODAY() → Date only (Example: 15/01/2024)

NOW() → Date + Time (Example: 15/01/2024 10:30:45 AM)

Both functions update automatically whenever the spreadsheet is recalculated or reopened. However, if only the date is required for calculations or records, TODAY() is used. When timestamp (exact date and time) is needed, NOW() is the appropriate function.

In accounting and financial records, NOW() is often used when recording the exact time of transaction entries, while TODAY() is used for date-based calculations like aging analysis or due date computations.