Getting started with Trust Deposits

In this article, we detail the basic lifecycle of a trust deposit, from entering your bank account to paying an invoice. 

Table of Contents

• Getting Started
• Step 1:  Record a trust deposit transaction in triConvey
  • Reasons to record the deposit
• Step 2:  Review trust deposit transactions
  • Reviewing trust deposits in transaction history 
  • Reviewing trust deposits in a matter
  • Generating trust reports
• Step 3:  Reconcile the deposit
  • Reasons to reconcile your trust account
• Step 4:  Pay an invoice using trust funds

Getting Started

Always refer to the bank statement of your trust account when working with trust transactions.

Step 1:  Record a trust deposit transaction in triConvey

When you receive confirmation of a deposit in your trust bank account, it is essential to record the transaction accurately in triConvey. triConvey provides a straightforward process for recording trust deposit transactions. 

You can record the transaction using the Deposit Funds button in the Transactions tab of the matter. After recording the deposit, the trust receipt is generated for you.

Learn more about recording deposited funds in your client's trust account.

Reasons to record the deposit

Recording the trust deposit transaction in triConvey ensures the information is accurately documented and easily accessible for future reference. The generated trust receipt provides a clear record of the transaction, serving as proof of the deposit made into the trust account. 

When you send a Credit Card Deposit Request to a client and they pay it, the trust deposit is automatically recorded in triConvey.

Step 2:  Review trust deposit transactions

In triConvey, you have multiple ways to review trust deposit transactions, allowing you to easily track and monitor the funds entering your client's trust account. Below are some methods of reviewing trust deposits. 

Reviewing trust deposits in transaction history 

Access the Transactions tab from either:

• the Matter; or 
• the Accounts tab.

Tip:  If there are multiple trust accounts, be sure to choose the correct one from the list.

Here, you can view a comprehensive list of all recorded trust deposit transactions across all matters. The transaction history provides essential details such as transaction and recorded date, description, Reference, associated contacts and overall trust fund balance.

Reviewing trust deposits in a matter

Open a Matter and select the Transactions tab.

You can also export the client’s Trust statement by clicking Print.

Generating trust reports

triConvey offers filtered reporting options, allowing you to select specific date ranges, clients or matters. 

Reports can provide summaries, transaction listings or even graphical representations of trust deposit activity. These features provide detailed information and allow you to track and monitor trust deposit activity effectively. 

Useful reports for reviewing trust deposits include the Trust Receipts, Cash Book Receipts and Account Statements reports. 

To access reports, select the Reports tab from the left panel.

Step 3:  Reconcile the deposit

Once the trust deposit transaction has been recorded in triConvey, it is important to reconcile the deposit to ensure accuracy and maintain trust account integrity. 

Reconciliation involves comparing the recorded transaction in triConvey with the trust bank statement to verify that they match. 

Learn more about reconciling your trust account in triConvey. 

Reasons to reconcile your trust account

Reconciliation helps ensure that the trust account's records accurately reflect the transactions and balances in the bank account. It provides a crucial check to identify any discrepancies or errors that may have occurred during the recording process.

Step 4:  Pay an invoice using trust funds

triConvey enables you to conveniently pay invoices using trust funds from your client's trust account, streamlining the payment process and ensuring compliance. 

You can pay an invoice with trust funds (also known as a trust to office transfer), by selecting the Add Payment button in the Invoices tab.

Under the Type drop-down menu, select the trust account to deduct funds from.

Make sure to record the payment as displayed on the trust bank statement. 

Learn more about paying an invoice using trust funds in triConvey. You can also record bulk trust to office transfers. Trust fund deposits may also be used to pay external parties, including suppliers and client refunds. 

Remember to regularly review trust deposit transactions (Step 2), reconcile them with bank statements (Step 3) and document payments made from trust funds (Step 4) to ensure accurate and transparent trust accounting practices in triConvey.