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:

Syntax:  =RECEIVED(B1,B2,B3,B4,B5)

Result:

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

Note:

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: where:
   • B = number of days in a year, depending on the year basis.

   • DIM = number of days from issue to maturity.