RECEIVED Function in Microsoft Excel: Syntax, Examples & Troubleshooting

=RECEIVED(settlement, maturity, investment, discount, [basis])

Settlement, maturity, investment and discount are required. Investment is the full amount put into the security; discount is the annual discount rate as a decimal or percentage. Basis is optional. The output is a monetary amount on the same scale as investment, not a price per 100.

Use real date values or DATE formulas for settlement and maturity. Settlement is the purchase settlement date, which is not necessarily the original issue date. The optional basis selects 0 or omitted = US (NASD) 30/360; 1 = actual/actual; 2 = actual/360; 3 = actual/365; 4 = European 30/360. Microsoft documents that settlement, maturity and basis are truncated to integers; time-of-day fractions are not used for intraday accrual.

The examples use January 15 through April 15, 2026, an independently checked 90-day interval. Actual/360 therefore gives a year fraction of 90/360 = 0.25. Enter =DATE(2026,1,15) in B2, =DATE(2026,4,15) in B3 and 2 in B6. Using fixed dates rather than TODAY makes the expected results reproducible.

1. Enter 9800 in B4 (investment) and 8% in B5 (discount).
2. Enter =RECEIVED(B2,B3,B4,B5,B6) in D2.
3. Expected result: 10000.

The independent calculation is 9800/(1-0.08*90/360) = 9800/0.98. The difference between maturity value and investment is 200. That 200 is 2% of the 10000 redemption, which is how the discount quotation is defined.

For an investment of 10000 and discount of 6%, =RECEIVED(B2,B3,10000,6%,2) is expected to give approximately 10152.28426396.

The calculation is 10000/(1-0.06*0.25). Multiplying instead, 10000*(1+0.06*0.25), gives 10150, which uses an interest-on-investment assumption. The difference is small enough to escape a casual review but represents a different rate convention.

For the original 9800 investment, changing basis to 3 gives 9800/(1-0.08*90/365), approximately 9997.20514254. The 90 actual days are unchanged, but the year fraction is now based on 365.

Build a separate denominator control =1-B5*(B3-B2)/360 for this actual/360 example. Expected result: 0.98. That explicit denominator is useful for detecting an implausible rate scale or excessively long discount interval. A zero or negative denominator is not a sensible ordinary positive-redemption scenario; the individual reference’s listed errors are not an exhaustive guarantee about every such extreme input.

Microsoft’s equation caption describes the day count as issue-to-maturity, while its syntax and example supply settlement (issue) and maturity. There is no separate issue argument. The examples here use the first supplied date through maturity and do not invent an additional date input.

Microsoft documents #VALUE! for invalid date inputs and #NUM! for settlement greater than or equal to maturity or basis outside 0 through 4. It also documents #NUM! when investment or discount is zero or negative.

A percent-formatted result and its stored decimal are the same rate: 8% is 0.08. Do not multiply a rate by 100 and then apply percentage formatting again. Keep a price per 100 separate from the entire investment amount, and preserve full precision until the reporting step.

Actual/actual and the two 30/360 variants have their own date rules; one ordinary 90-day example does not certify every leap-year or month-end boundary. Match the contract’s convention rather than choosing whichever basis produces the most attractive number. The examples explain calculation mechanics and exclude transaction costs, taxes and advice about a real investment.

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.

DATE in Excel | DAYS in Excel | ROUND in Excel

• Microsoft RECEIVED reference, retrieved October 17, 2026.