Manage Manual NAV Overrides and Adjustments for Adjusted NAV Expenses

Owned by Nancy Cohn (Deactivated)
Last updated: Mar 07, 2024
4 min read

In the Adjusted NAV Expense Override maintenance panels, when you use adjusted NAV expenses, you can manage manual NAV overrides and manual NAV adjustments for variable expenses, variable group expenses, and performance fees. You can create, edit, list, list historical information for, and delete manual overrides and adjustments.

You can apply a manual NAV override to override the expense's underlying NAV component amount with a user defined NAV amount for a specified date. You can also make manual adjustments to an expense's existing NAV component. The adjustments can apply to a single accounting date or to a date range, and can increase or decrease the NAV component. For example, you can adjust down the NAV component 100 dollars each day over a three day period,

Create Adjusted NAV Overrides and Adjustments

In the Create Adjusted NAV Expense Override panel, you can add a manual adjustment to an underlying NAV component for a variable expense, variable group expense, or performance fee. You can apply daily manual NAV overrides to variable expenses or variable group expenses that have a NAV Component of User Defined NAV. You can also apply manual NAV overrides and adjustments on a case by case basis to variable expenses and variable group expenses that have a NAV Component of Prior Day Total Net Assets, Adjusted Net Assets, Average Net Assets, or Ledger Based, and use a Ledger Based or NAV based adjusted NAV expense rule. And you can apply manual NAV overrides and adjustments on a case by case basis to performance fees that have a NAV Component of Average Net Assets. 

To create adjusted NAV expense overrides and adjustments:

  1. In Accounting Center, in the left navigation pane, click Transactions > Expenses > Expense Adjustments > Create Adjusted NAV Expense Override.
    You see the Create Adjusted NAV Expense Override panel.

  2. In the Entity ID or Entity Name field lookups, specify the identifier or name. of the entity with an adjusted NAV expense you want to override or adjust.

  3. In the Acctg Basis, Share Class, and Expense Account Name fields, you can specify the accounting basis, share class, and/or expense account name for the variable expense you want to view. 
    Otherwise leave those fields blanks to review all results for those criteria.

  4. Click Submit.
    You see a row for each adjusted NAV expense rule that met your criteria in the Show All tab.

  5. Select the row for each adjusted NAV expense rule you want to update so that a check mark appears in the check box, and click Add Adjusted NAV Expense Override.
    In the Add Adjusted NAV Expense Override grid, you see a row for each adjusted NAV expense you selected.

  6. Click the row for each adjusted NAV expense rule you want to update, and in the Manual NAV Component list, select Manual NAV Override or Manual NAV Adjustment.
    In each row you can view the entity identifier, share class, and NAV component for the selected NAV expense, but cannot change those values. 

  7. For each row where you are performing an override, do the following:
    - In the Report Start Date box, specify the date when the override begins. 
    - In the Manual NAV Override Amount box, specify the NAV amount.
    You cannot change the report end date. 

  8. For each row where you are performing an adjustment, do the following:
    - In the Report Start Date and the Report End Date boxes, specify the beginning and ending date for the adjustment. 
    - In the Manual NAV Override Adjustment box, specify the adjustment amount.
    For example, if you want to adjust down the NAV component 100 dollars each day over a three day period, you use the Report Start Date and Report End Date to define the range of three days and enter a value of -100 as the Manual NAV Override Adjustment field amount.

  9. Click Submit.

List Adjusted NAV Overrides and Adjustments

In the List Adjusted NAV Expense Override panel, you can view manual overrides to the underlying NAV component amount with a user defined NAV amount, or you can view manual adjustments to an underlying NAV component for a variable expense, variable group expense, or performance fee.

To list adjusted NAV expense overrides and adjustments:

  1. In Accounting Center, in the left navigation pane, click Transactions > Expenses > Expense Adjustments > List Adjusted NAV Expense Override.
    You see the List Adjusted NAV Expense Override panel.

  2. In the Entity ID or Entity Name field lookups, specify identifier or name. of the entity with an adjusted NAV expense you want to override or adjust.
    Otherwise, leave these fields blank to view overrides and adjustments for all entities.

  3. In the Manual NAV Component list, select Manual NAV Override or Manual NAV Adjustment to view only overrides or adjustments. 
    Otherwise, leave the field blank to view both overrides and adjustments. 

  4. In the Share Class and Expense Account Name fields, you can specify the share class, and/or expense account name for the adjusted NAV expenses you want to view. 
    Otherwise leave those fields blanks to review all results for those criteria.

  5. In the Effective Start Date and Effective End Date fields, specify an effective beginning and/or ending date for the overrides and adjustments you want to view. 
    Or leave the fields blank.

  6. Click Submit.
    You see a row for each adjusted NAV expense override or adjustment that met your criteria in the Show All tab.

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