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Excel COUPDAYS Function

doc workday.intl function 1

If you want to follow along with this tutorial, please download the example spreadsheet.
doc workday.intl function 1


The COUPDAYS function returns the number of days in the coupon period including the settlement date.

Syntax and arguments

Formula syntax

COUPDAYS(settlement, maturity, frequency, [basis])


  • Settlement: Required, the settlement date of the security. The settlement date is the date that the security is traded to buyer after the issue date.
  • Maturity: Required, the maturity date of the security. The maturity date is the date that the security expires.
  • Frequency: Required, the number of coupon payments per year. There are 3 types, for annual payment, frequency=1, for semiannual, frequency=2, for quarterly, frequency=4.
  • Basis: Optional, the type of day count basis to use. Default, it is omitted.

Basis Day Count
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360/td>
3 Actual/365
4 European 30/360

Return Value

The DCOUNTA function returns a numeric value.


1. If the arguments settlement and maturity are not valid dates, such as are the non-numeric value, or the dates that are earlier than 1/1/1900, the function will return to an error value #VALUE!.

2. If the argument basis is out of range (0-4), the function will return to an error value #NUM!.

3. If the argument frequency is out of the number 1,2,4, the function will return to an error value #NUM!.

4. If the argument settlement date is later than maturity date, the function will return to an error value #NUM!.


1. In Excel, dates are stored as serial number. Default, Excel is the 1/1/1900 system which means that 1/1/1900 is the first valid day in Excel and stored as number 1 in Excel. So 1/1/2021 is stored as number 44197.

2. All arguments are truncated to integers, if the arguments including time, the time will be ignored.

3. In the function, you should better use a date with cell reference or you can directly use DATE function embedded in the COUPDAYS function as this:


Excel 2003 or later

Usage and Examples

Example basic usage

For instance, in the range B3:C9, it lists all information about a security. (a 10-year security is issued on 1st Dec, 2020, then be traded to buyer on 1st Jan, 2021 (settlement date), and the maturity date of the security would be 1st Dec, 2030, which is 10 years after the issued date (1st Dec, 2021), and it pays quarterly).

Now to count the days in the coupon period contains the settlement date, please use the formula as this:

=COUPDAYS(C4,C5,4,1) //here the basis is 1

Press Enter key to get the result.
doc workday.intl function 1

Relative Functions:

  • Excel COUPDAYBS Function
    The COUPDAYBS function returns the number of days between the beginning of the coupon period and its settlement date.

  • Excel ACCRINT Function
    The ACCRINT function returns the accrued interest on periodic interest-paying securities.

  • Excel ACCRINTM Function
    The ACCRINTM function returns the accrued interest for a security that pays interest at maturity.

  • Excel AMORDEGRC Function
    The AMORDEGRC function returns the linear depreciation of an asset for each accounting period by applying a depreciation coefficient based on the lifetime of the assets.

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