Transfer funds from one Trust Account to another in the same matter

Learn how to transfer funds between trust accounts within the same matter using triConvey. This process involves performing the actual transaction with your bank and manually recording the transaction records in triConvey (in both the old and new trust accounts).

Table of Contents

• Getting Started
• Step 1: Add the New Trust Account in triConvey Settings
• Step 2: Transfer funds via your bank
• Step 3: Record the Outgoing Transaction in the Source Trust Account
• Step 4: Record the Incoming Funds in the Destination Trust Account
• Step 5: Verify the Transfer 
• Step 6: (Optional, NSW & Vic only) Reconfigure the Statutory Deposit Matter 
• Step 7: Generate and Save Reports (Optional) 
  • Download auditing reports
  • Email trust statements for each matter
• Step 8: Close the old trust account
• Frequently Asked Questions

Getting Started

• Transferring funds requires client approval. You may transact matter funds as you receive approval. 
  
  
• For bulk bank transfers of the entire trust balance, transactions must still be recorded by matter balance in triConvey. The trial balance report may assist with this. 
  
  
• Always follow trust accounting guidelines when handling trust account transfers to maintain compliance. 
  
  
• Double-check all amounts, dates and reasons before processing transactions to avoid errors in the ledger. 
  
  
• Ensure that bank transfers are completed before recording them in triConvey to avoid mismatches in accounting.
  
  

Step 1: Add the New Trust Account in triConvey Settings

In order to transfer funds between trust accounts in triConvey, ensure that the new trust account has been added. Learn how to add another trust account.

Step 2: Transfer funds via your bank

Before recording the transfer in triConvey, you must first complete the transfer through your bank:

1.    Log in to your banking platform. 

2.    Initiate a transfer from the trust account holding the funds to the destination trust account. 

3.    Make sure to record the details of the transfer, such as the date, amount, and reason. 

Tip:  Ensure that you adhere to any trust accounting regulations when transferring funds between accounts.

Step 3: Record the Outgoing Transaction in the Source Trust Account

1.    Open the matter in the triConvey Web App. 

2.    Select the Transactions tab. 

3.    Select the trust account where the funds are being transferred from.

4.    Click Trust Payment.

5.    Enter the Amount of the transaction. 

6.    Enter the Reason for the transfer to another trust account for the same matter (e.g., "Transfer to [Trust Account Name]"). 

7.    Enter the Date of the actual bank transfer. 

8.    Click Process to record the withdrawal.

Step 4: Record the Incoming Funds in the Destination Trust Account

1.    Staying within the same matter, go to the Transactions tab. 

2.    Select the destination trust account (where the funds are going to).

3.    Click Deposit Funds.

4.    Enter the Amount of the transfer, which should match the amount in the Destination Trust Bank Statement. 

5.   Enter the Reason, indicating that this is part of the transfer from the source trust account (e.g., "Transfer to [Trust Account Name]").

6.    Enter the Date of the actual bank transfer, ensuring it matches the date on the trust bank statement. 

7.    Click Process to finalise the deposit.

Step 5: Verify the Transfer 

Once both the withdrawal and deposit are recorded, verify the transfer by: 

1.    Reviewing the Transaction History for both trust accounts in the Accounts tab. 

2.    Ensuring that the total balance of both accounts reflects their bank statements. (The old trust account should have $0 balance) 

If any discrepancies occur, double-check the transaction details to ensure amounts and dates are consistent.

Step 6: (Optional, NSW & Vic only) Reconfigure the Statutory Deposit Matter 

After verifying trust balances are correct, reconfigure the Statutory Deposit matter to the new trust account. 

1.    Click 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.    Click on the old trust account. 

5.    Remove the Statutory Deposit matter. 

Tip:  You can only remove the Statutory Deposit matter if it has a non-zero balance.

6.    Select Save. 

7.    Click on the new trust account. 

8.    Enter the Statutory deposit matter.

9.    Select Save.

Step 7: Generate and Save Reports (Optional) 

Download auditing reports

1.    Navigate to the Accounts section from the left menu.

2.    Select the End of Month tab to download the auditing reports for the matter (if not already saved to your computer).

Email trust statements for each matter

1.    Navigate to the Reports section.

2.    Select Trust Statements. 

3.    Select All matters in the ‘Show transactions for’ filter. 

4.    Select the Email Report button.

Step 8: Close the old trust account

You will need to perform an end of month reconciliation of the old trust account before closing it. 

1.    Reconcile the old trust account and download the End of Month Report for it. 

2.    Navigate to Firm Settings and then select Accounts from the left panel. 

3.    Select the old trust account. 

4.    Select Close Account.

Frequently Asked Questions