If you have a set of cash flow, the IRR of the quarterly cash flow will be roughly four times that of the yearly cash flow. Likewise, the IRR of the monthly cash flow will be roughly 12 times that of the yearly cash flow.
Create yearly cash flow: -1000, 300, 300, 300, 300. This give you IRR=7.71%. Now, select Quarterly from the Period Type dropdown list box. This will change the IRR to 30.86%. Next, select Monthly. This will give you 92.57% for the IRR.
Select Period Type to Non-Periodic and type in quarterly date of 1/1/98, 4/1/98, 7/1/98, 10/1/98, 1/1/99. Check if all the parameters are still the same or very close.