Excel ACCRINTM Function

Related Function:

ACCRINT

Function Description

The Excel Accrintm function returns the accrued interest for a security that pays interest at maturity.

The syntax of the function is:

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

Where the arguments are as follows:

issue - The issue date of the security.
settlement - The security's maturity date.
rate - The security's annual coupon rate.
[par] -

The security's par value.

If omitted, [par] takes the default value of 1,000.
[basis] -

An optional argument, that specifies the day count basis to be used in the calculation.

Possible values of [basis] and their meanings are:

[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

Warning: Microsoft advises that you do not type dates directly into functions, as Excel may interpret text representations of dates differently, depending on the date interpretation settings on your computer. Therefore the issue and settlement dates should be input to the Accrintm function as either:

• References to cells containing dates
or
• Dates returned from other functions or formulas.

Accrint Function Examples

The following spreadsheet shows an example of the Excel Accrintm function, used to calculate the accrued interest of a security that pays interest at maturity. The security has an issue date of 01-Jan-2012 and a settlement date of 31-Dec-2012. The annual coupon rate is 8% and the par value of the security is \$10,000. The US (NASD) 30/360 day count basis is used.

A B C D
1 issue date: 01-Jan-2012   Accrued interest on a security with an issue date
of 01-Jan-2012 and a settlement date of 31-Dec-2012.
The annual coupon rate is 8%, the par value of
the security is \$10,000 and a US (NASD) 30 / 360
day count basis is used:
2 settlement date: 31-Dec-2012   =ACCRINTM( B1, B2, 8%, 10000 )

The above function gives the result \$800

Note that, in the example above, the [basis] argument is omitted, and therefore takes the default value of 0 (US (NASD) 30/360 basis).

Further examples of the Excel Accrintm function are provided on the Microsoft Office website.

Accrintm Function Errors

If you get an error from the Excel Accrintm function, this is likely to be one of the following:

Common Errors
 #NUM! - Occurs if either: The supplied rate is ≤ 0 or the supplied [par] is ≤ 0 or The supplied [basis] argument is not equal to 0, 1, 2, 3 or 4 or The supplied issue ≥ settlement. #VALUE! - Occurs if either: The supplied issue or settlement arguments are not valid dates or Any of the supplied arguments are non-numeric.