Related Function:

The ACCRINT function returns the accrued interest for a security that pays periodic interest.

Syntax

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

Arguments

Argument Description
issue The security’s issue date
first_interest The security’s first interest date
settlement The security’s settlement date, i.e. the date after the issue date when the security is traded to the buyer
rate The security’s annual coupon rate
[par] Optional. The security’s par value. If omitted, ACCRINT uses $1,000
frequency The number of coupon payments per year. Must be one of the following:

  1 Annually
  2 Semi-Annually
  3 Quarterly
[basis] Optional. Defines the day count basis to be used in the calculation

  [basis] Day Count Basis
  0 (or omitted) US (NASD) 30/360
  1 actual/actual
  2 actual/360
  3 actual/365
  4 European 30/360

The financial day count basis rules are explained in detail on the Wikipedia Day Count Convention page

[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

  0 FALSE. Returns the accrued interest from first_interest to settlement
  1 TRUE (default). Returns the total accrued interest from issue to settlement

Note: The issue, first_interest, and settlement dates should be input as either:

  • References to cells containing dates, or
  • Dates returned from formulas

If you attempt to input these date arguments as text, Excel may misinterpret them, due to different date systems, or date interpretation settings.

Warning: Although you can input the date arguments as date serial numbers, this is not recommended as date serial numbering does vary across different computer systems.

Examples

  A B C D
1 Data      
2 01-Mar-2014 Issue date    
3 31-Aug-2014 First interest date    
4 01-May 2014 Settlement date    
5 10.0% Coupon rate    
6 $1,000 Par value    
7 2 Frequency – semi-annual    
8        
9 Formula Result Notes
10 =ACCRINT(A2,A3,A4,A5,A6,A7,0) $16.67 Accrued interest for a treasury bond with the terms above
11 =ACCRINT(DATE(2014,3,5),A3,A4,A5,A6,A7,0,FALSE) $15.56 Accrued interest with the terms above, except the issue date is March 5, 2014
12 =ACCRINT(DATE(2014,4,5),A3,A4,A5,A6,A7,0,TRUE) $7.22 Accrued interest with the terms above, except the issue date is April 5, 2014, and the accrued interest is calculated from the first_interest to settlement

Common Function Error(s)

Problem What went wrong
#VALUE! Occurs if the issue, first_interest, or settlement arguments are not valid dates
#NUM! Occurs if:

  the rate argument is ≤ 0 or the [par] argument is ≤ 0
  the frequency argument is not equal to 1, 2, 3 or 4
  the [basis] argument is not equal to 1, 2, 3 or 4
  the issue argument is ≥ the settlement argument
#NAME? Occurs when Analysis ToolPak add-in is not enabled