I was just playing around with Schedules and Child Schedules. I created a "8-5 weekdays excluding holidays" Schedule that has a Schedule Entry of Monday to Friday from 8:00 until 17:00. Clicked on the "Show schedule" link and each Monday - Friday show up as work time from 8:00 - 17:00.
Instead of adding all the company records into that schedule, I created a new one called "Holidays (US)" with all the appropriate dates. The dates all have "Type" set to "Excluded". Clicked on the "Show schedule" link and those dates show as excluded on that schedule.
I then added the "Holidays (US)" Schedule as a child of the "8-5 weekdays excluding holidays" one. When I click on the "Show schedule" link, the holidays do not show as excluded from the schedule, they are still showing as a regular work day. I noticed there was a "Type" field on the "Child schedules" related list, but that did nothing when I changed it to "Exclude".
Am I missing something?
