Formula to alert if more than 365 days from date

[Kel_Asp]

I have tried multiple way, know I am missing something, but can't work out what. 

I have one column for Date and the next column is yes. Meaning that consent has been given and on the date in the column. I now need a formula field that will return the word 'valid' if the consent date is less than 365 days from today, and 'not valid' if the consent date is more than 365 days from today. 

Hope I have explained that well. I have so many good ideas, and I truly do try to work them out before I come here 🙂 

Thanks in advance!

[Kel_Asp]

I have kind of come up with a workaround that isn't exactly what I was after but works ok. 
I have used 

IF({Media Consent},DATETIME_DIFF(TODAY(), {Consent Date}, 'days'))

and then created a view filtered by that column, only showing if the column total is more than 365.  Hence giving me a view in which I can easily see if anyone's consent needs updating. 

[Kenneth_Raghuna · Accepted solution]

IF({Media Consent},
   IF(DATETIME_DIFF(TODAY(), {Consent Date}, 'days') < 365, 'valid, 'not valid')
)

This should do it.

[Kel_Asp]

Thank you @Kenneth_Raghuna 
That works and gives me the valid, not valid row I was after. 

My work around was working too, but this is more what I am after. Thank you 🙂