Manage Business Calendars

Setting up a business calendar is optional. If you do not set up a business calendar for an entity, fund processing that occurs on non-business days occurs with a non-business day accounting date. For example, accruals on Saturday occur with an accounting date of Saturday.

It is not necessary to attach a calendar to every entity. By omitting a calendar from the entity master record, daily accounting periods are created for every day of the year. If you select a calendar, accounting periods are created for business days only.

When a security master record has a business day calendar adjustment or pays on a specific business day of the month, the system calculates the business day based on the Issue Country (ISO) Country Code. The system then uses the business calendar in the calculation of coupon payment days when the security has a business day convention or pays on a specific business day. As a best practice, Eagle recommends that you populate the business calendar as far out as possible, so that the system can accurately calculate future cash flows.

Eagle's Accounting solution supports two types of business calendars. The business date calendar defines business days and non-business days. Earn thru rules specify how the system processes accrued income and expenses when a series of non-business days fall on a month-end, quarter-end, semi-annual, or year-end date. The settlement date calendar defines settlements and limits trade, cash settlement, and corporate action processing to valid business days. Once added, you can associate the settlement date calendar with a trade using the relevant trade panel.

You can add a business calendar manually in Accounting Center, or add it using the Eagle Message Center. Once added, you associate it with one or more entities. The calendar's earn thru rules need to be consistent with the associated entity's earn thru rules.

Add Business Calendars

In the Add Calendar Information panel, you can add a business date calendar or a settlement date calendar manually.

To add a business calendar:

1. From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
2. Enter Add Calendar Information in the Start Search text box.
3. Click the Add Calendar Information link to access the panel.
   You see the Add Calendar Information panel.
4. In the Select Calendar to Create field, select the type of calendar you are creating. 
   Options include:
   –  Settlement Date. Adds a settlement calendar, which is used to define settlements.
   –  Business Date. Adds a business calendar, which is used to define business days and non-business days.
5. In the Calendar Name field, specify the name of the calendar.
   This field appears if you are adding a business calendar rather than a settlement calendar.
6. In the Calendar Description field, provide a description of the calendar.
7. In the Calendar Country field, specify the country for which you are creating a calendar.
8. In the Starting Year field, specify the first year of the calendar. 
   The first calendar day of the year marks the beginning date of the calendar. The format is YYYY.

9. In the Years to Generate field, specify the number of calendar years you want to generate. 
   You can add up to five years from the starting year. 

   You should only generate a calendar for years in which you intend to populate the non-business days.

10. Click Submit.
11. Close the Add Calendar Information bottom tab.

Define Non-Business Dates for a Business Calendar

Once you create a business calendar, you can define non-business days for the calendar. Non-business days are holidays or any other day when normal business processing does not take place for a particular country. For example, January 1 is a non-business day for a U.S. business calendar. The New York Stock Exchange web site provides a list of U.S. holidays that you can reference when defining non-business days for a U.S. business date calendar. The Depository Trust Company (DTC) web site provides a list of U.S. holidays that you can reference when defining non-business days for a U.S. settlement date calendar.

To define non-business dates for a business calendar:

1. From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
2. Enter Add/Update Calendar Dates in the Start Search text box.
3. Click the Add/Update Calendar Dates link to access the panel.
   You see the Add/Update Calendar Dates panel.
4. In the Calendar Name field, specify the calendar for which you are defining non-business days.
   After you enter the calendar name, the Calendar Description field displays a description of the calendar.
5. In the Add/Update Calendar Dates section at the bottom of the panel, click the Calendar Date field icon, and enter the date of the non-business day using the calendar.
6. In the Non-Business Day field, indicate whether the specified date is a non-business day.
   Options include Yes (Default) and No.
7. In the Holiday Name field, enter a description for the non-business day. 
   You can describe the holiday or weekend date.

8. Repeat Steps 4-6 for each non-business day you want to define.

   For countries where Saturdays are considered business days, add each Saturday as a business day by setting the Non-Business Day field to a value of No.

9. Click Submit.
10. Close the Add/Update Calendar Dates bottom tab.

Add Earn Thru Rules for a Business Calendar

Earn thru rules allow you to specify how the system processes accrue income and expenses when a series of non business days fall on a month end, quarter end, semi annual, or year end date. The system is installed with values for the Earn Thru Rule field. You can add additional values to meet your unique processing requirements.

To add an earn thru rule for a business calendar:

1. From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
2. Enter Add Earn Thru Rule Information in the Start Search text box.
3. Click the Add Earn Thru Rule Information link to access the panel.
   You see the Add Earn Thru Rule Information panel.
4. In the Earn Thru Rule Name field, specify the name of the earn thru rule you are adding.
5. In the Business Calendar field, specify the business calendar to which the earn thru rule applies.
6. In the Non Business Day Processing field, specify how you want to process non business Processing day accruals. 
   Options include:
   –  Process with Previous Business Day. Post non business day accruals to the previous business day's accounting date. For example, Saturday and Sunday are non business days in the US. If you select this option, accruals for Saturday and Sunday would post on Friday.
   –  Process with Next Business Day. Post non business day accruals to the next business day's accounting date. For example, Saturday and Sunday are non-business days in the US. If you select this option, accruals for Saturday and Sunday would post on Monday.
7. In the Split Indicator field, specify how to split non business day processing when a series of non business days falls on a month end date, quarter end date, semi-annual date, or at the end of a year. 
   Options include:
   –  None. Indicates you do not want to split non-business day processing.
   –  Monthly Accounting Date Only. Determines the month in which the system recognizes earnings. For example, August 31, 2013 falls on a Saturday. Normally, if non business day processing were set to process with the previous business day, then Saturday, August 31, and Sunday, September 1, would be processed with Friday, August 30. If you wanted to process September 1 activity with the rest of September's activity, you can use this field to override the value in the Non Business Day Processing field.
   –  Daily Accounting Date Only. Determines the day on which the system recognizes earnings. For example, January 1 is a holiday in the U.S. Earnings are not recognized on January 1 because it is a non-business day. The earnings will be recognized on the next business day or previous business day, as specified in the Non Business Day Processing field.
   –  Both. Splits your earn thru rule, recognizing earnings on both the monthly accounting date and daily accounting date. Typically, the monthly accounting date is the same as the daily accounting date. The only time it is different is when a month-end date falls on a weekend or when you are booking a transaction. For example, you may want to close your daily accounting periods and leave your month-end accounting period open for mutual funds. For audit purposes, you have to strike a NAV on Friday. Suppose you get an as of trade on Saturday, and Saturday is a month-end date. This option ensures the as of trade is also recognized on your month-end set of books.
8. In the Split Frequency field, specify a split frequency when your earn thru rule splits out the weekend dates for both your daily and monthly accounting periods. 
   This field appears if you select a value other than None in the Split Indicator field. Options include:
   –  Monthly
   –  Quarterly
   –  Semi-Annually
   –  Annually
   –  None
   For example, suppose you select Both for the Split Indicator field, Monthly for the Split Frequency field, and Process with Previous Business Day for the Non Business Day Processing field. Further suppose that you want to accrue through the end of May, and May 31 falls on a Saturday. When you accrue on Friday, May 30, income for Friday and Saturday, May 31, will post to the accounting date on May 30. When you accrue on Monday, June 2, income for Sunday, June 1, and Monday, June 2, will post to the accounting date on June 2.
9. In the Starting Year field, specify the starting year. 
   The first calendar day of the year becomes the starting date of the earn thru rule. If the first calendar day falls on a non business day, the system marks it as a non business day. The system only adds ledger accounting periods for business days if you are using a business calendar.
10. In the # of Years field, enter the number of earn thru rule calendar years you want to generate.
11. In the Earn Thru FX Indicator field, indicate how to accrue foreign holdings. 
    Options include:
    –  Current. Use the current day's foreign exchange rate when accruing on foreign holdings. If you select Current and a rate does not exist in the system, the system calculates the accruals using the most recent FX Rate.
    –  Prior. Use the prior day's foreign exchange rate when accruing on foreign holdings.
12. Click Submit.
13. Close the Add Earn Thru Rule Information bottom tab.

Associate a Business Calendar with an Entity

You can associate a business calendar with a basic entity or master fund entity. By associating a business calendar with an entity, the system determines which days are valid business days and processes activity for non-business days. The entity elections must match the business calendar elections.

If you assign a business calendar to an entity, the system creates accounting periods for business days only. If you do not assign a business calendar, the system creates accounting periods for every day of the year.

To associate a business calendar with an entity:

1. From any Eagle window, click the Eagle Navigator button to access the Eagle Navigator.
2. Enter Add/Change Entity in the Start Search text box.
3. Click the Add/Change Entity link to access the panel.
   You see the Add/Change Entity panel.
4. Select the entity with which you want to associate a business calendar.
5. In the Calendar Name field, specify the calendar to associate with this entity.
6. In the Non-Business Day Processing field, specify the non-business day processing value for the business calendar.
7. In the Earn Thru Rule Name field, specify the name of the earn thru rule for the business calendar.
8. Click Submit.
9. Close the Add/Change Entity bottom tab.