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How to Excel COUPDAYS Function?


Excel COUPDAYS Function: Microsoft Excel is a powerful data visualization and analysis program used all around the world. It uses spreadsheets to store, organize, or perform operations with formulas and functions. This application is developed for WindowsMacAndroid, and iOS. The major purpose of the software is to do complicated calculations which are difficult to do manually.

We will illustrate the definition, fundamental syntax, and usage of the Excel COUPDAYS Function. Get an official version of Microsoft Excel from the following link:

Excel COUPDAYS FunctionPin
Excel COUPDAYS Function

Explanation of COUPDAYS Function

  • It is one of the built-in functions in Microsoft Excel.
  • The Excel COUPDAYS function calculates the number of days in a coupon period that contains the settlement date.


  • Here, you will see the syntax of the COUPDAYS function.
  • To apply this function on your spreadsheet, you have to select a cell and enter the formula in the following format.
  • Once you enter the formula, just click on the Enter button to get the result.

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

1) We must enter dates with the use of the DATE function. It can also be a result of other functions or formulas. If dates are entered as text, issues can occur.
2) For example, use DATE(2020,7,13) for the 13th of July 2020.

Argument Explanation:

  • Settlement (Required): It is the settlement date of the security.
  • Maturity (Required): It is the maturity date of the security. The maturity date is the date when the security expires.
  • Frequency (Required): Number of coupon payments per year.
    • Annual – 1
    • Semiannual – 2
    • Quarterly – 4
  • Basis (Optional): It specifies the day count basis to use.
BasisDay count basis
0 or omittedUS (NASD) 30/360
4European 30/360

1) NUM! Error – Occurs if either: The supplied ‘settlement’ date is greater than or equal to the maturity date; The ‘frequency’ argument is not equal to 1, 2, or 4; The ‘basis’ argument is not equal to 0, 1, 2, 3, or 4.
2) VALUE! Error – Occurs if either: The supplied ‘settlement’ or maturity dates are not valid Excel dates; Any of the supplied values are non-numeric characters.


Refer to the below examples of the COUPDAYS function so you can explore how to use it in the spreadsheet.

  • Initially, you have to open your Excel workbook on your PC and launch a worksheet that has data.
  • For example, we have given the input values in Columns B, C, D, & E. And we will get the number of days in a coupon period using the COUPDAYS function.
Input RangePin
Input Range
  • Then, you have to enter the formula in the cell as shown below to get the result.
Enter the formulaPin
Enter the formula
  • After entering the formula, you need to click the Enter button to get the output, as shown below. You can drag down the cell to fill the remaining cells.

Input that Causes Error

  • The function returns the #VALUE! Error if any one of the supplied values is a non-numeric character.
  • The #NUM! error appears if the supplied ‘settlement’ date is greater than or equal to the ‘maturity date or the ‘frequency’ argument is not equal to 1, 2, or 4 or the ‘basis’ argument is not equal to 0, 1, 2, 3, or 4.


The above tutorial assisted you in learning how to use the EXCEL COUPDAYS Function with clear-cut practical examples. Don’t forget to share your queries/doubts in the below comment section. To learn more about Excel functions, then visit our webpage

Video Tutorial

Use the following video to know how to apply the Excel COUPDAYS function in the worksheet.

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