# Day-count convention

> Day-count convention — The rule that turns a date range into a fraction of a year for interest — 30/360, actual/360, actual/365, actual/actual. The same rate on the same loan accrues a different amount under each.

Source: https://lopifi.com/glossary/day-count-convention
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is day-count convention?** In accounting, day-count convention means the rule that turns a date range into a fraction of a year for interest — 30/360, actual/360, actual/365, actual/actual. The same rate on the same loan accrues a different amount under each.

## Words this system refuses for it

- days unqualified
- interest method

- **Category:** Cash
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)