SUMIFS function will be used to demonstrate how to sum if by year.  

Sum if by year

Generic Formula

=SUMIFS(sum_range,date_range,”>=”&DATE(year,1,1),date_range,”<=”&DATE(year,12,31)

Example:

Considering the example below, the formula in F5 is:  = =SUMIFS($C$3:$C$9,$B$3:$B$9,">="&DATE(E5,1,1),$B$3:$B$9,"<="&DATE(E5,12,31))

Figure 1 – Sum if by year

Extending the formula through column F, you will get the result like this

Figure 2 – Sum if by year

Explanation

The syntax of SUMIFS function is:

=SUMIFS(sum_range, criteria_range1, criteria1, [criteria_range2, criteria2], ...)

In this case, sum_range is C3:C9, and criteria_range (or date_range) is B3:B9. There are 2 criteria happen at the same time in the formula.  

You will need to understand how they work.

• First criterion: B3:B9,”>=”&DATE(E5,1,1). Cells in range B3:B9 that >= 01/01/2015

and

• Second criterion: B3:B9,”<=”&DATE(E5,12,31). Cells in range B3:B9 that <= 12/31/2015 will be added to sum.

Note:

Remember to press F4 after the sum_ranges and date_ranges as you will not want to change the ranges when you extend the formula down column F.