Manage Controlled Money Accounts

Learn how to open, manage and run Controlled Money Accounts (CMA).

Table of Contents

• Getting Started
• Set Controlled Money Account transaction numbering
• Opening a new Controlled Money Account
• Using a Controlled Money Account
• Edit or close a Controlled Money Account
  • Make changes to CMA details
  • Close the CMA 
• Reporting on Controlled Money Accounts

Getting Started

Controlled Money Accounts (CMAs) are specific bank accounts designed to hold your clients' funds. These accounts are different from your Trust Account and accumulate interest and bank fees.

CMAs are necessary when holding a significant amount of your client's money for an extended period, such as when purchasers buy off-plan properties, and your firm is responsible for safeguarding their deposit funds in a CMA.

Set Controlled Money Account transaction numbering

1.    Select the gear icon from the bottom-left corner of the triConvey Companion Site Web App.

2.    Select Firm Settings.

3.    Select Accounts from the left menu.

4.    Select the CMA Transaction Numbering tab.

5.    Enter the Starting Number for receipts and electronic payments.

6.    Select Save.

Opening a new Controlled Money Account

1.    Open the Matter in the triConvey Companion Site Web App.

2.    Select the Transactions tab.

3.    Select Controlled Money Account from the left panel.

4.    Select Add Account.

5.    Enter the details of the CMA:

• Account opened date
• Financial Institution
• Account Name
• BSB
• Account Number
• Beneficiaries

6.    Select Open Account.

Once a CMA is open, you will see it listed under the Controlled Money Account section on the left panel.

Using a Controlled Money Account

Within each CMA, you can:

• Deposit funds

• Make payments out

• Add Bank fees

• Receipt interest amounts

• Print ledger/CMA Movement Record

• Manage CMA account settings
  

Edit or close a Controlled Money Account

Make changes to CMA details

1.    From within the CMA, select Account Settings.

2.    Update the relevant fields and click Save.

Close the CMA 

1.    From within the CMA, select Account Settings.

2.    Select Close Account in the bottom-right corner.

3.    Enter a reason and internal note before closing the account.

Tip:  You cannot close CMA accounts if there is a balance in the account. All funds must have been paid out to close the account.

Reporting on Controlled Money Accounts

The Trust Statements report displays a separate table for CMA transactions when you run the report for your matter.

For compliance reasons, the End of Month report contains a listing of all open CMAs on an extra page as required by the Law Society. This will show even if a firm does not have any open CMAs, which will be displayed as “No entries found”.

If your firm has open CMAs (even if the balance is zero), it will list the CMA accounts. The listing will continue over multiple pages if the firm has numerous CMA accounts.