ACCRINT function

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

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

The ACCRINT function syntax has the following arguments:

 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 US (NASD) 30/360
omitted

1 Actual/actual

2 Actual/360

3 Actual/365
 Basis Day count basis

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.

Example
Copy the example data in the following table, and paste it in cell A1 of a new
Excel worksheet. For formulas to show results, select them, press F2, and
then press Enter.

ACCRINTM function in Microsoft Excel.

Description
Returns the accrued interest for a security that pays interest at
maturity.

Syntax
ACCRINTM(issue, settlement, rate, par, [basis])

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 ACCRINTM function syntax has the following arguments:

 Issue Required. The security's issue date.

 Settlement Required. The security's maturity date.
 Rate Required. The security's annual coupon rate.
 Par Required. The security's par value. If you omit par,
ACCRINTM uses $1,000.
 Basis Optional. The type of day count basis to use.

Basis Day count basis

0 or US (NASD) 30/360
omitted

1 Actual/actual

2 Actual/360

3 Actual/365

4 European 30/360

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, settlement, and basis are truncated to integers.
 If issue or settlement is not a valid date, ACCRINTM returns the
#VALUE! error value.
 If rate ≤ 0 or if par ≤ 0, ACCRINTM returns the #NUM! error
value.
 If basis < 0 or if basis > 4, ACCRINTM returns the #NUM! error
 value.
 If issue ≥ settlement, ACCRINTM returns the #NUM! error
value.
 ACCRINTM is calculated as follows:

ACCRINTM = par x rate x A/D

where:

 A = Number of accrued days counted according to a

monthly basis. For interest at maturity items, the number
of days from the issue date to the maturity date is used.
 D = Annual Year Basis.

Example
Copy the example data in the following table, and paste it in cell A1
of a new Excel worksheet. For formulas to show results, select them,
press F2, and then press Enter. If you need to, you can adjust the
column widths to see all the data.

Data Description

39539 Issue date

39614 Maturity date
0.1 Percent coupon
1000 Par value
3 Actual/365 basis (see above)
Formula Description Result
=ACCRINTM(A2,A3,A4,A5,A6) The accrued interest for the 20.54794521
terms above.

AMORLINC function in Microsoft Excel.

Description
Returns the depreciation for each accounting period. This function is
provided for the French accounting system. If an asset is purchased
in the middle of the accounting period, the prorated depreciation is
taken into account.

Syntax
AMORLINC(cost, date_purchased, first_period, salvage, period, rate,
[basis])

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 AMORLINC function syntax has the following arguments:

 Cost Required. The cost of the asset.

 Date_purchased Required. The date of the purchase of the
asset.
 First_period Required. The date of the end of the first
period.
 Salvage Required. The salvage value at the end of the life of
the asset.
 Period Required. The period.
 Rate Required. The rate of depreciation.
 Basis Optional. The year basis to be used.

Basis Date system

0 or omitted 360 days (NASD method)

1 Actual
 3 365 days in a year

4 360 days in a year (European method)

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.

Example
Copy the example data in the following table, and paste it in cell A1
of a new Excel worksheet. For formulas to show results, select them,
press F2, and then press Enter. If you need to, you can adjust the
column widths to see all the data.

Data Description
2400 Cost
39679 Date purchased
39813 End of the first period
300 Salvage value
1 Period
0.15 Depreciation rate
1 Actual basis (see above)
Formula Description Result
=AMORLINC(A2,A3,A4,A5,A6,A7,A7) First period depreciation 360

COUPDAYBS function in Microsoft Excel.

Description
The COUPDAYBS function returns the number of days from the
beginning of a coupon period until its settlement date.

Syntax
COUPDAYBS(settlement, maturity, frequency, [basis])

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 COUPDAYBS function syntax has the following arguments:

 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.
 Maturity Required. The security's maturity date. The
maturity date is the date when the security expires.
 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 US (NASD) 30/360
omitted

1 Actual/actual

2 Actual/360

3 Actual/365
 4 European 30/360

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.
 The settlement date is the date a buyer purchases a coupon,
such as a bond. The maturity date is the date when a coupon
expires. For example, suppose a 30-year bond is issued on
January 1, 2008, and is purchased by a buyer six months later.
The issue date would be January 1, 2008, the settlement date
would be July 1, 2008, and the maturity date would be January
1, 2038, 30 years after the January 1, 2008, issue date.
 All arguments are truncated to integers.
 If settlement or maturity is not a valid date, COUPDAYBS
returns the #VALUE! error value.
 If frequency is any number other than 1, 2, or 4, COUPDAYBS
returns the #NUM! error value.
 If basis < 0 or if basis > 4, COUPDAYBS returns the #NUM!
error value.
 If settlement ≥ maturity, COUPDAYBS returns the #NUM! error
value.

Example
Copy the example data in the following table, and paste it in cell A1
of a new Excel worksheet. For formulas to show results, select them,
press F2, and then press Enter. If you need to, you can adjust the
column widths to see all the data.

Data Description
25-Jan-11 Settlement date
15-Nov-11 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description Result
=COUPDAYBS(A2,A3,A4,A5 The number of days from the 71
) beginning of the coupon period to the
 Data Description
settlement date, for a bond with the
above terms

COUPDAYSNC function in Microsoft Excel.

Description
Returns the number of days from the settlement date to the next
coupon date.

Syntax
COUPDAYSNC(settlement, maturity, frequency, [basis])

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 COUPDAYSNC function syntax has the following arguments:

 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.
 Maturity Required. The security's maturity date. The
maturity date is the date when the security expires.
 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 US (NASD) 30/360
omitted
 1 Actual/actual

2 Actual/360

3 Actual/365

4 European 30/360

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.
 The settlement date is the date a buyer purchases a coupon,
such as a bond. The maturity date is the date when a coupon
expires. For example, suppose a 30-year bond is issued on
January 1, 2008, and is purchased by a buyer six months later.
The issue date would be January 1, 2008, the settlement date
would be July 1, 2008, and the maturity date would be January
1, 2038, which is 30 years after the January 1, 2008, issue date.
 All arguments are truncated to integers.
 If settlement or maturity is not a valid date, COUPDAYSNC
returns the #VALUE! error value.
 If frequency is any number other than 1, 2, or 4, COUPDAYSNC
returns the #NUM! error value.
 If basis < 0 or if basis > 4, COUPDAYSNC returns the #NUM!
error value.
 If settlement ≥ maturity, COUPDAYSNC returns the #NUM!
error value.

Example
Copy the example data in the following table, and paste it in cell A1
of a new Excel worksheet. For formulas to show results, select them,
press F2, and then press Enter. If you need to, you can adjust the
column widths to see all the data.

Data Description
25-Jan-11 Settlement date
15-Nov-11 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description Result
=COUPDAYSNC(A2,A3,A4,A5) The number of days from the 110
settlement date to the next coupon
date, for a bond with the above terms

COUPNCD function in Microsoft Excel.

Description
Returns a number that represents the next coupon date after the
settlement date.

Syntax
COUPNCD(settlement, maturity, frequency, [basis])

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 COUPNCD function syntax has the following arguments:

 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.
 Maturity Required. The security's maturity date. The
maturity date is the date when the security expires.
 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 US (NASD) 30/360
omitted

1 Actual/actual

2 Actual/360

3 Actual/365

4 European 30/360

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.
 The settlement date is the date a buyer purchases a coupon,
such as a bond. The maturity date is the date when a coupon
expires. For example, suppose a 30-year bond is issued on
January 1, 2008, and is purchased by a buyer six months later.
The issue date would be January 1, 2008, the settlement date
would be July 1, 2008, and the maturity date would be January
1, 2038, which is 30 years after the January 1, 2008, issue date.
 All arguments are truncated to integers.
 If settlement or maturity is not a valid date, COUPNCD returns
the #VALUE! error value.
 If frequency is any number other than 1, 2, or 4, COUPNCD
returns the #NUM! error value.
 If basis < 0 or if basis > 4, COUPNCD returns the #NUM! error
 value.
 If settlement ≥ maturity, COUPNCD returns the #NUM! error
value.

Example
Copy the example data in the following table, and paste it in cell A1
of a new Excel worksheet. For formulas to show results, select them,
press F2, and then press Enter. If you need to, you can adjust the
column widths to see all the data.

Data Description
25-Jan-11 Settlement date
15-Nov-11 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description Result
=COUPNCD(A2,A3,A4,A5) The next coupon date after the 15-
settlement date, for a bond with the May-11
above terms

COUPPCD function in Microsoft Excel.

Description
Returns a number that represents the previous coupon date before
the settlement date.

Syntax
COUPPCD(settlement, maturity, frequency, [basis])

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 COUPPCD function syntax has the following arguments:

 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.
 Maturity Required. The security's maturity date. The
maturity date is the date when the security expires.
 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 US (NASD) 30/360
omitted

1 Actual/actual

2 Actual/360

3 Actual/365

4 European 30/360

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.
 The settlement date is the date a buyer purchases a coupon,
such as a bond. The maturity date is the date when a coupon
expires. For example, suppose a 30-year bond is issued on
 January 1, 2008, and is purchased by a buyer six months later.
The issue date would be January 1, 2008, the settlement date
would be July 1, 2008, and the maturity date would be January
1, 2038, which is 30 years after the January 1, 2008, issue date.
 All arguments are truncated to integers.
 If settlement or maturity is not a valid date, COUPPCD returns
the #VALUE! error value.
 If frequency is any number other than 1, 2, or 4, COUPPCD
returns the #NUM! error value.
 If basis < 0 or if basis > 4, COUPPCD returns the #NUM! error
value.
 If settlement ≥ maturity, COUPPCD returns the #NUM! error
value.

Example
Copy the example data in the following table, and paste it in cell A1
of a new Excel worksheet. For formulas to show results, select them,
press F2, and then press Enter. If you need to, you can adjust the
column widths to see all the data.

Data Description
25-Jan-11 Settlement date
15-Nov-11 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description Result
=COUPPCD(A2,A3,A4,A5 The previous coupon date before the 15-
) settlement date, for a bond with the Nov-10
above terms.