In the Create Distribution Schedule panel, you can add a distribution schedule for a net investment income (NII) distribution that uses split dividend processing to split mil rates when ex-dates occur on non business days. You can use distribution schedules to store split dividend ex-dates. You can enter each split dividend ex-date manually or can have Eagle Accounting add dates for a given date range.
For general information about maintaining distribution schedules, see Manage Distribution Schedules.
To create a distribution schedule for an NII distribution:
- In Accounting Center, in the left navigation pane, click Setup > Fund Accounting > Distribution Schedules > Create Distribution Schedule.
You see the Create Distribution Schedule panel. - In the Entity Name, Entity ID, and Acctg Basis fields, select the entity identifier, entity name, and accounting basis for the master fund associated with the NII distribution.
- In the Distribution Category list, click NII-Split.
- In the Automate Split Ex-Dates field, indicate whether you want the system to add split dividend ex-dates for a specified date range to the distribution schedule or want to add split dividend ex-dates manually. Options include:
- Yes. Allows the system to add split dividend ex-dates to the distribution schedule for a specified date range. The system determines the dates based on the entity's NII split method, the entity's Earn Thru Rule and the entity's business calendar. When you select this value, the NII Split Period Begin Date field and the NII Split Period End Date field appear. The Day in Month field also appears if the entity uses mid month split dividend processing.
- No. Allows you to add individual split dividend ex-dates manually. When you select this value, the Ex Dt field appears.
- If you set the Automate Split Ex-Dates field to Yes, specify the NII Split Period Begin Date field value to define the start date of the date range for which the system adds split dividend ex-dates.
When the system calculates the split dividend ex-date, it determines the Begin Date for that ex-date. This is the business day associated with the split dividend ex-date, which always is a non business processing date. - If you set the Automate Split Ex-Dates field to Yes, specify the NII Split Period End Date field value to define the end date of the date range for which the system adds split dividend ex-dates.
When the system calculates the split dividend ex-date, it also determines the End Date for that ex-date. This is the next business day associated with the split dividend ex-date, which always is a non business processing date. - If you set the Automate Split Ex-Dates field to Yes and use mid month split dividend processing, specify the Days in Month field value.
For example, if the ex-dates for a mid-month processing entity are January 23, February 23, and so on, you specify a value of 23. This field appears if you set the Automate Split Ex-Dates field to Yes and you select an entity with its Net Investment Income Split Method field (tag 5045) set to Mid-Month Split. - If you set the Automate Split Ex-Dates field to No, in the Ex Date field, specify the ex-date for the distribution.
For schedules for split dividend processing, this identifies the actual split dividend ex-date. - Click Submit.
Create Distribution Schedule Panel Options
In the Create Distribution Schedule panel, you can create a distribution schedule for periodic, set rate, or NII distributions. The following are the options in the Create Distribution Schedule panel.
Option | Tag | Description |
|---|---|---|
Entity ID | 1163 | Specifies the master fund entity identifier. |
Entity Name | 1164 | Specifies the master fund entity name. The system displays the name that corresponds to the selected Entity ID. |
Accounting Basis | 21 | Specifies the accounting basis. For set rate distributions, the system uses this accounting basis' expense balance to calculate the expense absorption during the non-distribution period. |
Distribution Category | 744 | Indicates the type of distribution processing that uses the distribution schedule. When you select a value, additional fields appear for each category. Options include:
|
Automate Split Ex-Dates | 1257 | Indicates whether you want the system to add split dividend ex-dates for a specified date range to the distribution schedule or want to add split dividend ex-dates manually. Options include:
|
Distribution Type | 736 | Specifies the type of periodic distribution to which the schedule applies. Options include:
This field appears if you set the Distribution Category field to a value of Periodic. |
Share Class | 34 | Specifies the share class to which the periodic distribution posts. This field appears if you set the Distribution Category field to a value of Periodic. |
Record Date | 1694 | Identifies the record date. This value can provide advance notice to the transfer agent for support of distribution events and assist in cash/operations reconciliation. This field is only for informational purposes. This field appears if you set the Distribution Category field to a value of Periodic. |
Ex Date | 65 | Specifies the ex-date. An ex-date is the date on or after which a security is traded without a previously declared dividend or distribution. For schedules for periodic distributions, the ex-date identifies the periodic distribution ex-date. For schedules for split dividend processing, it identifies the actual split dividend ex-date. This field appears if you set the Distribution Category field to a value of Periodic. It also appears if you set the Distribution Category field to a value of NII-Split and set the Automate Split Ex-Dates field to No. |
Pay Date | 1275 | Identifies the payment date. This value can provide advance notice to the transfer agent for support of distribution events and assist in cash/operations reconciliation. This field is only for informational purposes. This field appears if you set the Distribution Category field to a value of Periodic. |
NII Split Period Begin Date | 35 | Specifies the start date of the date range for which the system adds split dividend ex-dates. When the system calculates the split dividend ex-date, it determines the Begin Date for that ex-date. This is the business day associated with the split dividend ex-date, which always is a non business processing date. This field appears if you set the Automate Split Ex-Dates field to Yes. |
NII Split Period End Date | 36 | Specifies the end date of the date range for which the system adds split dividend ex-dates. When the system calculates the split dividend ex-date, it also determines the End Date for that ex-date. This is the next business day associated with the split dividend ex-date, which always is a non business processing date. This field appears if you set the Automate Split Ex-Dates field to Yes. |
Non-Distribution Begin Date | 71 | Specifies the start date of the date range for the non-distribution period. During this period, the set rate distribution process does not post a daily distribution. In most cases, this occurs at the end of a calendar year after the last distribution payment date of the year. This field appears if you set the Distribution Category field to a value of Non-Distribution. |
Non-Distribution End Date | 73 | Specifies the end date of the date range for the non-distribution period. During this period, the set rate distribution process does not post a daily distribution. This field appears if you set the Distribution Category field to a value of Non-Distribution. |
Absorption Begin Date | 220 | Specifies the begin date of the date range in which to absorb the calculated expense differential from the non-distribution period. This field appears if you set the Distribution Category field to a value of Non-Distribution. |
Absorption End Date | 221 | Specifies the end date of the date range in which to absorb the calculated expense differential from the non-distribution period. If the absorption end date is not equal to the absorption begin date, the expense differential calculated is divided by the appropriate number of days in the absorption period to post a daily expense absorption value. This field appears if you set the Distribution Category field to a value of Non-Distribution. |
Day in Month | 11948 | Specifies the day of the month for the actual split dividend date if you use mid month split dividend processing. For example, if the ex-dates for a mid-month processing entity are January 23, February 23, and so on, you specify a value of 23. This field appears if you set the Automate Split Ex-Dates field to Yes and you select an entity with its Net Investment Income Split Method field (tag 5045) set to Mid-Month Split. |
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