Controlled Money/Trust Investment Accounts and Transactions

14/01/2026
Knowledge

How To

Learn how to manage Controlled Money/Trust Investments accounts in LEAP including account creation, closures, reopening closed account, recording transactions and reconciliation within the Trust Funds tab.

Controlled and Investment Monies Account separate out the contribution of monies to a separate bank account rather than one pooled fund. These accounts may then earn interest to the benefit of the individual contributor or multiple related beneficiaries.

Desktop
Web

Open a New Controlled Money/Trust Investment Account

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > Controlled Money/Investments tabs.
Click New Account on the toolbar.
The Matter number defaults to that of the matter you opened. To change to a different matter, click to choose a matter from the list, then click Select.

Click to open the associated matter and view its details.
Enter an Account Name.
Select the State where the account is held and the Account Type which can be either Controlled Money or Trust Investment.
Enter the Institution, BSB No. and Account No.
Enter the Opening Balance of the account.

Click to edit heading

You cannot open a Controlled Money Account with a balance of $0. The opening balance for your Controlled Money Account should equal the amount of your first receipt into that account.
By default, the Account Opened date is the current calendar date which can be changed, if required.
By default, the Payment Received date is the current calendar date which can be changed, if required.
Select a Payment Type, by clicking to choose an option from the list, then click Select.
Once you've chosen the Payment Type and depending on your selection, you may want to enter the Payment Type Details which may automatically display for you to complete. If not, click ellipsis (...) and complete the bank account details, then click OK.
Enter or select who the initial funds were Received From. You can click to choose the person from the Card List, then click Select.
Enter a Reason.
Click the Account Beneficiaries tab to enter details of additional parties.

Click to edit heading

LEAP allows the entry of a maximum of two Account Beneficiaries.
Click Save & Close.

The account and transaction will be recorded in the matter under the Trust Funds > Controlled Money/Investments tabs.

Close a Controlled Money/Trust Investment Account

Ensure you record any Controlled Money/Trust Investment transactions to reflect the funds withdrawn from the account prior to closing and that you do not have any outstanding balances before you close the account.
If funds from the CMA/Trust Investment account have been transferred to your general Trust Account, make sure you record the corresponding Trust Receipt to reflect the movement of the funds.

These are the steps to Close a Controlled Money / Trust Investment Account.

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > Controlled Money/Investments tabs.
Use the drop-down menu at the top of the ledger to select the account you want to close.
Click the icon next to the account to view the account details, such as the account beneficiaries.

Controlled Trust Account window will open.
Next, click the icon in the top right corner of the window and select Close account.
Confirm the action.

Reopen a Controlled Money/Trust Investment Account

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > Controlled Money/Investments tabs.
Select the Closed account you want to reopen with the drop-down at the top of the ledger, then click the icon.
Click the icon on the toolbar and select Reopen account.
Confirm the action.

Enter a Controlled Money/Trust Investment Transaction

Click to edit heading

Ensure you are recording Controlled Money/Trust Investment transactions to reflect any funds deposited or withdrawn from the account.

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > Controlled Money/Investments tabs.
Select the appropriate account from the Accounts drop-down list.
Click New Transaction on the toolbar.
By default, the Matter and Account fields are automatically filled.
Enter or select the Payee/Payor of the transaction. Type directly into the textbox or click to choose the person the Card List, then click Select.
Select the Transaction Type from the drop-down list.
- Deposit (Receipt) - funds deposited into the CMA/Trust Investment account
- Withdrawal - funds removed from CMA/Trust Investment account
- Interest - interest earned on the CMA/Trust Investment account
- Bank Charge/Other Fees - account maintenance fees, transaction fees, overdraft fees etc.
Choose a Payment Type by clicking and choosing an option from the list, then click Select.

Once you have chosen the Payment Type and depending on your selection, you may want to enter the Payment Type Details which may automatically display for you to complete. If not, click and complete the bank account details fields. Click OK.
Enter the Amount and the Reason for the transaction.
Enter a Transaction No. if you are not using automatic sequential numbering.
By default, the Transaction Date is today's date. Click to select a date that is different to the current date.
The Entry Date is always today's date and can't be changed.
Click Save & Close.

The transaction will be recorded in the matter under the Trust Funds > Controlled Money/Investments tabs.

Reverse a Controlled Money/Trust Investment Transaction

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > Controlled Money/Investments tabs.
Select the appropriate account from the Accounts drop-down list.
Open the transaction.
Click in the top left corner.
Edit the Reason, if required.
Click Save & Close.

Reconcile a Controlled Money/Trust Investment Transaction

Open the matter.
Click LEAP Accounting.

LEAP Accounting will open in a new window.
Click the Trust Funds > Controlled Money/Investments tabs.
Select the appropriate account from the Accounts drop-down list.
Open the transaction.
Click on the toolbar and select Reconciled.
Click Save & Close.

Click to edit heading

RapidPay directly connects to Macquarie Bank's controlled monies accounts for automated reconciliation of controlled monies transactions. For more information on RapidPay controlled monies, please click here.

Click to edit heading

When you navigate to LEAP Menu > Accounting > Controlled Money Accounts, you will be redirected to the RapidPay page to link your account.

If you need a list of your controlled money accounts, you can access the Controlled Money Listing of Accounts report under LEAP Menu > Reports > Trust > Controlled Money > Controlled Money Listing of Accounts

Open a New Controlled Money/Trust Investment Account

Open the matter.
Hover over the Trust Funds tab and click Controlled Money / Trust Investment.
Click New Account under Actions to open the New Account window.

By default, the new account is created for the current matter you opened. Clickto change the matter from the window.
Enter an Account Name.
Select the Account Type from the drop-down list.
Enter an Institution.
Select the State from the drop-down list.
Enter a BSB Number and Account Number.
Enter the Opening Balance of the account.
By default, today's date is entered in the Account Opened field.

Click to select a different date, if required.
By default, today's date is entered in the Payment Received field.

Click to select a different date, if required.
Select a Payment Type from the drop-down list.

Once a payment type is selected, the Payment Type Details window displays. Complete the relevant information in the window and click Add.

If you need to change any of the payment type details at any stage, click .
By default, the Received From is your Client.

Click to select a card from the window. You can also directly type a name and address into the Received From textbox.
Enter a Reason.
By default, the First Beneficiary is your Client.

Clickto select a card from the window. You may add a Second Beneficiary, if required.
Click Save.

The account (and transaction) will be recorded in the matter under the Trust Funds > Controlled Money / Trust Investment tab.

Close a Controlled Money/Trust Investment Account

Click to edit heading

Make sure that any outstanding balances on the account are finalised before you close the account.

Open the matter.
Hover over the Trust Funds tab and click Controlled Money / Trust Investment.
Click on the filter to display the list of accounts.
Under Active, click next to the account.
Click Close Bank Account in the bottom left-hand corner of the window.
Click Confirm.

Reopen a Controlled Money/Trust Investment Account

Open the matter.
Hover over the Trust Funds tab and click Controlled Money / Trust Investment.
Click on the filter to display the list of accounts.
Under Inactive, click next to the account.
Click Reopen Bank Account in the bottom left-hand corner of the window.

Enter a Controlled Money/Trust Investment Transaction

Open the matter.
Hover over the Trust Funds tab and click Controlled Money / Trust Investment.
If you have multiple accounts, click on the filter to display the list of accounts and select the account.
Click New Transaction under Actions to open the New Transaction window.
The Matter and Account fields cannot be changed.
By default, the Payee/Payor field is your Client.

Click to select a card from the window. You can also directly type a name and address into the Payee/Payor textbox.
Select the Transaction Type from the drop-down list.

Depending on the transaction type selected, the Payment Type field will appear.
Select a Payment Type from the drop-down list.

Once a payment type is selected, the Payment Type Details window displays. Complete the relevant information in the window and click Add.

If you need to change any of the payment type details at any stage, click .
Enter the Amount.
Enter a Transaction No. if you are not using automatic sequential numbering.
By default, the Transaction Date is today's date.

Click to select a different date, if required.
The Entry Date is always today's date and cannot be changed.
Enter a Reason.
Click Save.

The transaction will be recorded in the matter under the Trust Funds > Controlled Money / Trust Investment tab.

Reverse a Controlled Money/Trust Investment Transaction

Open the matter.
Hover over the Trust Funds tab and click Controlled Money / Trust Investment.
If you have multiple accounts, click on the filter to display the list of accounts and select the account.
Open the transaction.
Click Reverse at the bottom of the Transaction window.
Edit the Reason, if required.
Click Save.

Reconcile a Controlled Money/Trust Investment Transaction

Open the matter.
Hover over the Trust Funds tab and click Controlled Money / Trust Investment.
If you have multiple accounts, click on the filter to display the list of accounts and select the account.
Open the transaction.
Toggle the Reconciled option to On.
Click Save.

Last Modified Date

14/01/2026 5:03 pm

Title

Controlled Money/Trust Investment Accounts and Transactions

URL Name

Setting-up-a-new-controlled-money-trust-investment-account-AU

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