ACCRINT function

This article describes the formula syntax and usage of the ACCRINT function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.

Description

Returns the accrued interest for a security that pays periodic interest.

Syntax

ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])

 Important   Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The ACCRINT function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):

  • Issue    Required. The security's issue date.
  • First_interest    Required. The security's first interest date.
  • Settlement    Required. The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
  • Rate    Required. The security's annual coupon rate.
  • Par    Required. The security's par value. If you omit par, ACCRINT uses $1,000.
  • Frequency    Required. The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
  • Basis    Optional. The type of day count basis to use.
Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360
  • Calc_method    Optional. A logical value that specifies the way to calculate the total accrued interest when the date of settlement is later than the date of first_interest. A value of TRUE (1) returns the total accrued interest from issue to settlement. A value of FALSE (0) returns the accrued interest from first_interest to settlement. If you do not enter the argument, it defaults to TRUE.

Remarks

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • Issue, first_interest, settlement, frequency, and basis are truncated to integers.
  • If issue, first_interest, or settlement is not a valid date, ACCRINT returns the #VALUE! error value.
  • If rate ≤ 0 or if par ≤ 0, ACCRINT returns the #NUM! error value.
  • If frequency is any number other than 1, 2, or 4, ACCRINT returns the #NUM! error value.
  • If basis < 0 or if basis > 4, ACCRINT returns the #NUM! error value.
  • If issue ≥ settlement, ACCRINT returns the #NUM! error value.
  • ACCRINT is calculated as follows:

Equation

where:

  • Ai = number of accrued days for the ith quasi-coupon period within odd period.
  • NC = number of quasi-coupon periods that fit in odd period. If this number contains a fraction, raise it to the next whole number.
  • NLi = normal length in days of the ith quasi-coupon period within odd period.

Example

The example may be easier to understand if you copy it to a blank worksheet.

ShowHow do I copy an example?

  1. Select the example in this article. If you are copying the example in Excel Online, copy and paste one cell at a time.
    Important: Do not select the row or column headers.

Selecting an example from Help

Selecting an example from Help

  1. Press CTRL+C.
  2. Create a blank workbook or worksheet.
  3. In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Online, repeat copying and pasting for each cell in the example.
    Important: For the example to work properly, you must paste it into cell A1 of the worksheet.
  4. To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.

After you copy the example to a blank worksheet, you can adapt it to suit your needs.

 
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A B
Data Description
March 1, 2008 Issue date
August 31, 2008 First interest date
May 1, 2008 Settlement date
10.0% Coupon rate
1,000 Par value
2 Frequency is semiannual (see above)
0 30/360 basis (see above)
Formula Description (Result)
=ACCRINT(A2,A3,A4,A5,A6,A7,A8) Accrued interest for a treasury bond with the terms above (16.66666667)
=ACCRINT(DATE(2008,3,5),A3,A4,A5,A6,A7,A8,FALSE) Accrued interest with the terms above, except the issue date is March 5, 2008. (15.55555556)
=ACCRINT(DATE(2008, 4, 5), A3, A4, A5, A6, A7, A8, TRUE) Accrued interest with the terms above, except the issue date is April 5, 2008, and the accrued interest is calculated from the first_interest to settlement. (7.222222222)

 Note    In Excel Online, to view the result in its proper format, select the cell, and then on the Home tab, in the Number group, click the arrow next to Number Format, and click General.

 
 
Applies to:
Excel 2010, Excel Web App, SharePoint Online for enterprises, SharePoint Online for professionals and small businesses