Getting Started with triConvey Trust Accounting

Starting a law firm can be an exciting yet challenging task, especially when it comes to managing finances.  One crucial aspect of financial management for law firms is trust accounting, which involves keeping client funds separate from the firm's operating funds.

In this article, learn how to use triConvey to streamline and simplify your trust account set-up, providing more accurate and efficient record-keeping.

Table of Contents

• Step 1: Activate your Trust Account in triConvey
• Step 2: Enter your Office Bank account information (Opening Account)
• Step 3: Enable Trust & Office Payment Cheques
• Step 4: Set up Trust Transaction Numbering
• Step 5: Set up your invoice numbers and titles
• Next Steps

Step 1: Activate your Trust Account in triConvey

Activating the trust account feature in triConvey is the first step towards keeping track of client funds with ease.

1.    From the triConvey Companion Site Web App, select the gear icon from the bottom-left corner.

2.    Select Firm Settings.

3.    Select Accounts from the left menu.

4.    From the Trust Account & CMA Settings tab, click Trust Account in the list.

5.    Enter your Trust Account information and select Save.

6.    Enable all Trust and Controlled Money Options.

Tip:  This gives you easy access to detailed records in a readable PDF format.

7.    Select Save.

Step 2: Enter your Office Bank account information (Opening Account)

1.    From the triConvey Companion Site Web App, select the gear icon from the bottom-left corner.

2.    Select Firm Settings.

3.    Select Accounts from the left menu.

4.    Select the Operating Account Detail tab.

5.    Enter your Office Bank Details.

6.    Click Save.

Step 3: Enable Trust & Office Payment Cheques

Trust and office payment cheques ensure compliance with trust accounting regulations. These cheques provide clear records of all transactions, help build trust with clients and simplify the financial management process.

This feature is particularly useful with Trust Accounting in the state of Queensland.

1.    From the triConvey Companion Site web app, select the gear icon from the top right corner.

2.    Select Firm Settings.

3.    Select Accounts from the left menu.

4.    Select the Trust & Office Payment Cheque tab.

5.    Tick Activate Trust Cheque Printing.

6.    Choose the Printing Method from the drop-down menu.

• Print Manually: Enter your own reference on the cheque. Choose this option if your firm uses handwritten cheques.
  
  
• Print Now: Cheque and reference generates upon saving the disbursement. Choose this option if your firm uses pre-printed cheques.
  
  
• Print Later: Cheque is sent to the print queue. The reference generates upon printing. Choose this option if your firm uses pre-printed cheques.

7.    Repeat steps 2-3 for Office Payment Cheque Printing.

Step 4: Set up Trust Transaction Numbering

Trust Transaction Numbering helps law firms to comply with the regulations regarding the handling of client funds in Australia, such as the Legal Profession Uniform Law and the Legal Profession Uniform General Rules 2015.

1.    From the triConvey Companion Site Web App, select the gear icon from the bottom-left corner.

2.    Select Firm Settings.

3.    Select Accounts from the left menu.

4.    Select the Trust Transaction Numbering tab.

5.    Set up your Trust Receipts automatic numbering system.

Tip:  Trust receipts provide evidence of funds received or deposited into the trust account, helping to maintain accurate records and demonstrate compliance with regulations.

6.    Enable Use Auto Numbering for Electronic Payments and change any numbering details as required e.g. Starting Number.

Tip:  Electronic payment numbering automates the process of assigning unique numbers to each transaction, reducing the risk of errors and ensuring accurate record-keeping. It also supports better tracking of electronic transactions, making it easier to perform audits.

7.    Enable Use Auto Numbering for Trust to Office Transfer and change any numbering details as required.

Tip:  Trust-to-office transfer numbering is essential for effective trust accounting in law firms, providing improved accuracy, better record-keeping, and facilitating compliance. It ensures clear tracking of transfers, reducing the risk of errors and serving as a solid foundation for regulatory compliance.

Step 5: Set up your invoice numbers and titles

Invoice setup is critical to trust accounting because it helps to maintain a record of all transactions, including trust transactions. Invoice numbers and titles in trust transactions are crucial for regulatory compliance and auditing purposes.

1.    From the triConvey Companion Site Web App, select the gear icon from the bottom-left corner.

2.    Select Firm Settings.

3.    Select Invoice Settings from the left menu.

4.    Select the PDF Invoices tab.

5.    Enter the First invoice number.

6.    For the Invoice Title, choose the Matter Title option.

7.    For the Invoice Subtitle, choose the Matter Description option.

Next Steps

By now, you will have set up your firm’s trust account in triConvey, ready to process trust transactions.

Learn more about Trust Accounting in triConvey.