Power Pivot Principles: The A to Z of DAX Functions – ACCRINT
15 February 2022
In our long-established Power Pivot Principles articles, we continue our series on the A to Z of Data Analysis eXpression (DAX) functions. This week, we look at ACCRINT.
The ACCRINT function
The ACCRINT function returns the accrued interest for a security that pays interest on a periodic basis. It uses the following syntax:
=ACCRINT(issue_date, first_interest_date, settlement_date, rate, par, frequency, [basis], [calculation_method])
Please note both basis and calculation method is optional, which is why they appear in square brackets (don’t add the square brackets!).
The arguments are defined as follows:
- issue_date: this is required and represents the issue date of the security
- first_interest_date: also required; this is the initial date of interest
- settlement_date: again mandatory, this is the date after the issue date when the security is traded to the buyer
- rate: this is required too and is the security’s annual coupon rate (be careful this is entered correctly)
- par: another necessary argument, this is the security’s par value, which is the face value of a share or other security rather than its market value
- frequency: the final required option, this represents number of coupon payments per year. For annual payments, frequency = 1; for semi-annually, frequency = 2; for quarterly, frequency = 4. In other words, calculate based on 12 (number of months in year) divided by the duration (in months) between payments
- basis: this is an optional argument (assumed to be zero  if omitted). There are five options:
|Basis||Day count basis|
|0 or omitted||US (NASD) 30 / 360|
|1||Actual / actual|
|2||Actual / 360|
|3||Actual / 365|
|4||European 30 / 360|
- calculation_method: again optional, this value determines the way to calculate the total accrued interest when the date of settlement is after the first_interest_date. A value of TRUE (1) returns the total accrued interest from issue_date to settlement_date. A value of FALSE (0) returns the accrued interest from first_interest_date to settlement_date. As mentioned, this argument is optional; if not specified, the default value is TRUE.
It should be noted that:
- dates are stored as sequential serial numbers so they can be used in calculations. In DAX, December 30, 1899 is day zero , and January 1, 2008 is 39448 because it is 39,448 days after December 30, 1899
- ACCRINT is calculated as follows:
o Ai = number of days for the ith quasi-coupon period within the odd period
o NC = number of quasi-coupon periods that fit in the odd period. If this number contains a fraction, it is raised to the next whole number (i.e. it is rounded up)
o NLi = normal length in days of the quasi-coupon period within the odd period
- issue_date, first_interest_date and settlement_date are truncated to integers
- frequency and basis are rounded to the nearest integer
- an error is returned if:
- issue_date, first_interest_date or settlement_date is / are not (a) valid date(s)
- issue_date ≥ settlement_date
- rate ≤ 0
- par ≤ 0
- frequency is any number other than 1, 2 or 4
- basis < 0 or basis > 4
- this function is not supported for use in DirectQuery mode when used in calculated columns or row-level security (RLS) rules.
Please see my examples below:
returns the accrued interest of 116.94, from issue_date to settlement_date, for a security with the terms specified above.
returns the accrued interest of 66.94, from first_interest_date to settlement_date, for a security with the terms specified above.
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