November 30, 2023

How to use RECEIVED Function in Excel

The Excel RECEIVED function returns the amount received at maturity for a fully invested security.

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

The RECEIVED function syntax has the following arguments:

  • Settlement    Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
  • Maturity    Required. The security’s maturity date. The maturity date is the date when the security expires.
  • Investment    Required. The amount invested in the security.
  • Discount    Required. The security’s discount rate.
  • Basis    Optional. The type of day count basis to use.
Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Example: Let’s look at some Excel RECEIVED function examples and explore how to use the RECEIVED function as a worksheet function in Microsoft Excel:

RECEIVED Function - How to use RECEIVED Function in Excel

Syntax:  =RECEIVED(B1,B2,B3,B4,B5)


RECEIVED Function in Excel 1 - How to use RECEIVED Function in Excel

Based on the Excel spreadsheet above, the following RECEIVED examples would return:

Syntax: =RECEIVED(B1,B2,B3,B4,B5)
Result: 2574459.078

Syntax: =RECEIVED(DATE(2020,1,1),DATE(2020,6,1),2500000,0.0685,2)
Result: 2574459.078

Syntax: =RECEIVED(DATE(2020,1,1),DATE(2020,6,1),2500000,6.85%,B5)
Result: 2574459.078


  1. #VALUE! error – Occurs if:
    • Any of the given arguments are non-numeric.
    • The settlement or maturity arguments provided are not valid Excel dates.
  2. #NUM! error – Occurs if:
    • The investment or discount argument provided is less than or equal to zero.
    • The basis argument given is not equal to 0,1,2,3, or 4.
    • The given maturity date is less than or equal to the settlement date.
  3. RECEIVED is calculated as follows: RECEIVED Function in Excel - How to use RECEIVED Function in Excelwhere:
    • B = number of days in a year, depending on the year basis.
    • DIM = number of days from issue to maturity.

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