How To: Create an Investment/Controlled Monies Account (CMA) and record transactions

This article applied to the following scenario:

• If you need to create an investment Account of a CMA for a client
• You will need to record transactions in the Investment Account or CMA
• Wanting to transfer funds from trust to Investment Account or CMA
• Recording interest that has incurred in either account
• You need to close a CMA or Investment Money account

Procedure

Creating an Investment Account or CMA

1. Go into the matter and select the "Investment/CMA" tab.
2. Once in the tab click on the New Account button on the top ribbon.
   
3. Fill in as many details relating to the Investment Account or CMA
4. Save

Recording Transactions in an Investment Account or CMA

1. In the matters "Investment/CMA" tab, select the account you would like to record transaction against
2. Click on Record Transaction
3. Select the type of transaction you are recording if either from trust or directly into the account.
4. Fill all other fields
5. Save the transaction

TIP:  If you are recording interest received you can record the transaction type as "Deposit (Credit)". If the transaction is bank charges incurred this can be recorded as "Withdrawal (Debit)"

Reversing controlled money or investment money transactions

1. In the matters "Investment/CMA" tab, select the account you would like to reverse transaction for
2. Identify and select the transaction you want to reverse
3. Click the Reverse button at the top of the screen

Closing a controlled money or investment money account

1. Go to the matter and select the "Investment/CMA" tab
2. Highlight your Investment/CMA account and press the Pen next to the field Account Type 

        This will open a window showing all the CMA/Investment Account details.

     3. Under the "Account Status" field change the status from Active to Closed   

     4. Save the changes to the account

If you do not "Close" your CMA/Investment account you will still be able to see the account on the Trust Accounting Reports despite the age of the CMA/Investment Account or if the account has a $0.00 balance.