When switching Trust Accounts, a structured close-out of the old account is essential before activating the new one. Complete each step in order to avoid outstanding transactions carrying into the new account.
Before End of Final Month — Prepare the Old Account
Tenant Communication — notify tenants of the account change before issuing invoices for the following month, giving them time to update their payment details.
Suspense Ledger — clear as many tasks as possible. Aim for zero outstanding tasks.
Unpresented Deposits — ensure all banking is complete and reverse any deposits processed in error. There should be no outstanding unpresented deposits.
Unpresented Payments — cancel aged cheques at the bank, then cancel in Re-Leased to return funds to the appropriate ledgers. There should be no outstanding unpresented payments.
Process End of Month on the Old Account
Final Disbursement — run end-of-month disbursement as normal. Upload payment files and complete all fund transfers at the bank. Avoid issuing new cheques.
Final Reconciliation — import transactions for the final disbursement and match them to eliminate unpresented payments. This is only possible if all funds have been disbursed at the bank.
Close of Period — perform close of period as normal and download all reports and files for your auditor.
Balance Transfer — transfer the total ledgers balance (not the account balance, which may differ if unpresented transactions exist) to the new bank account. Do not import this transaction on a bank statement for the new trust.
Unpresented Payments (if remaining) — use a manual bank statement to match any remaining unpresented payments. Skip this step if all were cleared in the Final Reconciliation.
Update Trust Account and Company Settings
Company Contact — update the company contact information (name or general account) via the Contacts tab.
Manage Companies — update company name, logo, and terms/payment advice in the Invoicing section.
Chart of Accounts — edit the name and account details for the trust account under the Bank Chart of Account.
Trust Accounts — edit the account name, update the APCA number, and adjust EFT and BPAY file types.
Invoice Templates — ensure all templates contain the new bank account details. This can be done ahead of time so invoices directed at the new account are ready to go.
Cheque Books — cancel the cheque book for the old account and add a new one if applicable.
Re-Leased Pay — edit the account numbers. This can be done ahead of time, noting processing and payout schedules (Australia: 2 days, New Zealand: 4 days).
Aged Debts — re-issue overdue invoices with new payment details using the Bulk Email feature in the Income & Expenses tab.
Transactions Going Forward
Balance Transfer — do not import the balance transfer transaction from the old account. Modify the import file to exclude it, or use a manual bank statement for that day's transactions instead.
New Funds Received — transfer any deposits received in the old account after the final reconciliation to the new account. Transfer each deposit individually for easier receipting. Only receipt funds actually received in the new account.
In Asia-Pacific, "Trust Account" is standard; European customers use "Client Account". For more information, see our Glossary of Regional Terminology.