Hold controlled money
Receipt, deposit, pay out and list money a client has directed you to hold in an account of its own, under rules 61 to 64 of the Uniform General Rules.
On this page
Make out the receipt
Click Controlled Money in the sidebar, under Trust Account, then click New Receipt.
Choose the Matter. Under Account to be credited, choose the matter's account, or leave Not opened yet if the account has not been opened.
Enter the Date received, Amount, Form of funds, Received from, On behalf of and Reason, then click Make Out Receipt. The receipt opens ready to print.
Open the account
Click Open Account and choose the Matter.
Enter who the money is Held on behalf of and Their address.
The Account name fills itself in as your practice's name followed by "controlled money account for" and the person. Change it if the bank uses another name, but keep the words controlled money account or CMA in it, or the account is refused.
Enter the Bank, Branch, BSB, Account number and Opened on date, and the Interest rate and Term if the account has them, then click Open Account.
Deposit the receipt
On the Accounts tab, click the account, then click Deposit a Receipt. Or, on the Receipts tab, click Deposit beside the receipt.
Choose the receipt and the account, enter the Date deposited and the Deposit details that identify the deposit, such as the branch and deposit slip number, and click Record Deposit.
Record interest
When the bank credits interest, open the account and click Record Interest.
Enter the Date credited and Amount from the bank statement or notice, and click Record Interest.
Pay money out
Open the account and click Pay Out. Choose EFT or Cheque. There is no other way to pay controlled money out here: rule 63(1) says it must not be withdrawn "otherwise than by cheque or electronic funds transfer".
For an EFT, enter the Account name paid to, BSB and Account number. For a cheque, enter the Cheque number and Payee, or tick The cheque is payable to a bank and enter the bank and the Person receiving the benefit.
Enter On behalf of, Reason, Requested by and Authorised by (principal), then click Record Payment. The payment record, numbered CM0001 and on, opens ready to print.
Change details, close the account and print its record
To change the person, their address, the matter or the account's details, click Change Details, make the change and click Save Changes. Each change is listed under Changes to these details with its old and new value.
Once the balance is nil, click Close Account and enter the Date closed. A closed account keeps its record and takes no more money.
Click Print Record for the account's movements record: the person, the matter, the account, every deposit, interest credit and payment with its running balance, and every change to its details.
Prepare and review the monthly listing
Rule 64(8) asks for the listing "within 15 working days after each named month". Open the Monthly Listings tab, choose the Month and click Prepare Listing.
The listing shows each account open in that month, with the person, the account name, number and bank, the matter and the balance at the month's last day, and the date it was prepared. It is kept as it stands and cannot be changed.
A Partner then clicks Review as Partner beside it. The review is printed on a second kept copy, with the Partner's name and the date. Click the printer icon to open the listing.