ACCRINT Function in Microsoft Excel: Syntax, Examples & Troubleshooting
Calculate accrued periodic-coupon interest in Excel with ACCRINT. Control issue versus first-interest dates, basis and calc_method, and compare pre- and post-first-coupon examples.
Verification status: See the evidence and test scope described in this guide. How formula examples are checked
Quick answer: ACCRINT returns accrued interest for a security paying periodic coupons. Its issue date, first-interest date and settlement date are distinct. When settlement is after first interest, calc_method controls whether accrual begins at issue or at first interest.
Syntax and arguments
=ACCRINT(issue, first_interest, settlement, rate, par, frequency, [basis], [calc_method])
Issue is the original issue date; first_interest is the first interest-payment date; settlement is the buyer’s settlement date. Rate is the annual coupon rate. Par is the face amount, and frequency must be 1, 2 or 4 payments per year.
Microsoft calls par required while also saying omitted par defaults to 1000. Supply it explicitly rather than depending on this documented ambiguity or untested omission syntax.
calc_method defaults to TRUE. For settlement after first_interest, the argument table says TRUE calculates issue-to-settlement interest and FALSE calculates first_interest-to-settlement interest. Keep this choice explicit when the distinction matters.
The optional basis codes are 0 or omitted = US (NASD) 30/360; 1 = actual/actual; 2 = actual/360; 3 = actual/365; 4 = European 30/360. Use DATE formulas or genuine date values; date text can be ambiguous between locales. The dates and relevant frequency/basis inputs are truncated to integers as documented, so time-of-day fractions do not create intraday accrual.
Worked example: settlement before the first coupon
Enter these values:
| Cell | Meaning | Entry |
|---|---|---|
| B2 | Issue | =DATE(2026,1,15) |
| B3 | First interest | =DATE(2026,7,15) |
| B4 | Settlement | =DATE(2026,4,15) |
| B5 | Annual coupon rate | 6% |
| B6 | Par | 10000 |
| B7 | Frequency | 2 |
| B8 | Basis | 0 |
- Enter
=ACCRINT(B2,B3,B4,B5,B6,B7,B8,TRUE)in D2. - Expected result: 150.
- Independently reconcile it as 10000×6%×90/360.
The semiannual coupon amount is 300, and the 30/360 settlement point is halfway through the first 180-day coupon interval. The result is accrued interest, not a coupon count or a price per 100.
Second example: compare the calculation method after first interest
Set B10 to =DATE(2026,10,15). With the original issue and first-interest dates:
=ACCRINT(B2,B3,B10,B5,B6,B7,0,TRUE)
=ACCRINT(B2,B3,B10,B5,B6,B7,0,FALSE)
Expected results are 450 and 150. TRUE spans the 270 convention days from January 15 through October 15. FALSE spans the 90 convention days from July 15 through October 15. The date choice remains within the immediately following coupon period, avoiding an unsupported extrapolation of first-interest wording across many later coupon periods.
The official example captions include a TRUE/first-interest wording inconsistency. This guide follows the explicit argument definition and shows the interval arithmetic rather than treating the caption as a new rule.
Advanced application: inspect an actual coupon-period denominator
For the original April settlement, =ACCRINT(B2,B3,B4,B5,B6,B7,1,TRUE) is expected to return approximately 149.17127072. There are 90 actual days from January 15 to April 15 and 181 actual days in the January 15 to July 15 coupon period. The independent coupon-fraction calculation is 10000*6%/2*90/181.
This differs from the 150 on 30/360. For actual/actual, dividing the elapsed days by an assumed 365 and multiplying an annual coupon is not generally equivalent to using the documented coupon-period fraction. More complex odd periods can require several quasi-coupon components; the simple regular schedule here is not evidence for every irregular boundary.
Troubleshooting and errors
Microsoft documents #VALUE! for invalid issue, first-interest or settlement dates; #NUM! for rate or par zero or negative, unsupported frequency, basis outside 0–4, or issue at or after settlement. The date, frequency and basis inputs are truncated to integers.
If the amount is unexpectedly large after the first coupon, check calc_method before changing the rate. A prior coupon already paid and a total issue-to-settlement accrual are different reporting questions. This function does not decide which question a contract or settlement statement requires.
Compatibility and verification
Microsoft’s reference checked on October 17, 2026 lists: Excel for Microsoft 365 Excel for Microsoft 365 for Mac Excel 2024 Excel 2024 for Mac Excel 2021 Excel 2021 for Mac Excel 2019 Excel 2016. This current support list does not establish the first release. The introduction version and last functioning version have not been established from the reviewed documentation. No retirement is asserted.
Example verification: Expected numerical results are independently calculated; text and shape expectations follow the documented contract. These examples have not been tested in Microsoft Excel. No screenshot or native execution is claimed.
Related guides and source
DATE in Excel | DAYS in Excel | ROUND in Excel
- Microsoft ACCRINT reference, retrieved October 17, 2026.