Override Mil Rate

In the Override Mil Rate panel, you can override a calculated mil rate and make a mil rate adjustment ledger entry that corresponds to the overridden mil rate. You can override mil rates by effective date and share class.

To override a mil rate:

1. In Accounting Center, in the left navigation pane, click Fund Accounting > Distributions > Net Investment Income > Override Mil Rate.
   You see the Override Mil Rate panel.

2. In the Entity Name and Entity ID fields, specify the master fund entity name or the master fund entity identifier.
   When you select an entity, the NII Distribution Shares field displays the net investment income (NII) distribution shares for the entity.

3. In the Effective Date field, specify the effective date of the mil rate you want to override.

4. In the Share Class field, select the share class associated with the mil rate you want to override.

5. In the Income Taxable Indicator field, indicate whether the mil rate is taxable or tax exempt.
   Options include:
   –  Taxable. Default.
   –  Tax-Exempt.
   The Mil Rate field displays the current mil rate that you want to override, based on the criteria specified.

6. In the Mil Rate Override field, specify the new value for the mil rate.
   The Total Income Distribution field displays the NII distribution amount that has already been calculated by the NII distribution process. The Income Distribution Calculation field displays the income distribution calculation. This value is the Mil Rate Override value times the NII Shares value.

7. In the Mil Rate Override Adjustment field, specify the distribution adjustment amount.
   The system calculates this value by subtracting the new distribution amount calculation displayed in the Income Distribution Calculation field by the total income distribution calculation displayed in the Total Income Distribution field.

8. Click Submit.