Overview

ℹ️ Feature availability: This feature is not yet available to all organisations. If you cannot see it, it may not yet have been released to your organisation.

Matter Specific Trust Accounts (MSTAs) are dedicated Trust Accounts linked to a single Matter.

Unlike a general Trust Account, each MSTA has its own physical bank account and can only be used for the Matter to which it is linked.

MSTAs are typically used where:

• large amounts of trust money are held
• funds are retained for an extended period
• separate reconciliation or reporting is required
• the account is interest-bearing for the benefit of the client

Interest may be administered by the bank, subject to jurisdictional requirements. MSTAs are not included in Efimis interest calculations.

In AU and US environments, the feature is referred to as a Matter Specific Trust Account (MSTA). In the UK, the equivalent terminology is Matter Specific Client Account (MSCA).

When to Use an MSTA or MSCA Instead of CMA/Deposit

An MSTA/MSCA does not automatically replace every existing CMA or Deposit Account. Select the account type according to how the funds must be recorded, controlled and reported.

Key Distinction

An MSTA/MSCA is Trust or Client money held in a dedicated physical bank account for one Matter. It follows the existing Trust or Client controls, permissions, approvals and reporting.

A CMA/Deposit Account continues to use the separate CMA/Deposit workflow and reporting.

Existing CMA or Deposit Accounts

Existing CMA or Deposit Accounts are not automatically converted when MSTA/MSCA functionality becomes available.

Where a firm has used CMA/Deposit only because a matter-specific Trust or Client Account was not previously available:

• Consider using an MSTA/MSCA for new accounts
• Review existing accounts before changing the current process
• Confirm the required accounting and compliance treatment
• Do not move active funds without an agreed transition and reconciliation process

The correct account type should be confirmed by the firm’s authorised accountant or compliance adviser.

Matter Specific Trust Accounts are a matter-dedicated variant of Trust. They follow the same Trust accounting controls, approval workflows and compliance requirements as general Trust Accounts.

Matter Specific Trust Account Features

Matter Specific Trust Accounts introduce dedicated Trust Accounts for individual Matters while continuing to use existing Trust workflows, approvals, reconciliation and reporting.

This feature also introduces:

• a new Bank - MSTA account type in AU and US environments and Bank – MSCA in the UK 
• matter-specific Trust Bank accounts
• independent reconciliation for each MSTA
• support for multiple MSTAs against one Matter
• Recent Activity tracking for account configuration changes
• a dedicated Matter Specific Trust Accounts section in Banking

Benefits

Matter Specific Trust Accounts allow firms to:

• maintain a dedicated Trust Account for an individual Matter
• reconcile each account independently
• separate high-value or long-term trust funds from pooled Trust Accounts
• identify whether a dedicated account is interest-bearing or non-interest-bearing 
• maintain existing Trust compliance and approval processes

Understanding Matter Specific Trust Accounts

An MSTA is a variant of a Trust Account, not a separate account category.

Each MSTA:

• is linked to one Matter only
• has its own physical bank account
• has its own Trust Bank General Ledger account
• uses the existing Client Funds control account
• follows existing Trust controls, approvals and audit requirements

A Matter can have multiple Matter Specific Trust Accounts.

Once the MSTA has been created, its linked Matter cannot be changed.

Creating a Matter Specific Trust Account

Matter Specific Trust Accounts are created by an authorised accountant.

Navigate to:

General Ledger → Trust Journal → Accounts

Create a new Trust Bank account by selecting Account +:

Select the appropriate Account Type for your region:

When creating an MSTA:

• select the Matter the account will be linked to
• complete the required General Ledger information
• configure the bank account details

The linked Matter is mandatory and becomes locked once the account has been created.

A Matter can have multiple Matter Specific Trust Accounts. However, each MSTA can only be linked to one Matter.

The linked Matter cannot be changed after the MSTA has been created. Check the selected Matter carefully before saving.
If the wrong Matter is selected and no transactions have been posted, delete the MSTA and create it again. If transactions have already been posted, reverse the relevant transactions and return the account balance to zero before closing it and creating a new MSTA against the correct Matter.

Bank Configuration

In addition to standard Trust Bank configuration, an MSTA supports optional reference information.

These include:

Review the Bank Account Type and select Interest Bearing or Non-Interest Bearing, as appropriate. The current default is Non-Interest Bearing, so do not rely on the default selection when configuring an MSTA or MSCA.

For UK firms, Efimis does not calculate interest for a Matter Specific Client Account. Record any interest earned manually as a Client Receipt.

The linked Matter is the only mandatory MSTA-specific field. Other required fields follow the existing General Ledger and bank configuration rules.

Standard bank information can include:

• Financial Institution

• Branch Code

• Account Number

• Routing Code

• SWIFT or IBAN

• EFT configuration

The available fields depend on the firm’s region and bank configuration.

Statutory Deposit configuration does not apply to Matter Specific Trust Accounts.

Processing Transactions

Transactions can be initiated from:

Matter → Trust Ledger

or

from the specific MSTA within the Banking area.

Matter Specific Trust Accounts use the same transaction processes as standard Trust Accounts.

Users can:

• post Trust Receipts
• post Trust Payments
• process Trust to Office transfers
• raise Trust Requisitions

When a Receipt or Payment is opened from an MSTA in Banking, the standard matter-based Trust form opens with the linked Matter pre-populated in the allocation.

On a Trust Requisition, the MSTA becomes available after its linked Matter has been selected.

Transaction Rules

MSTAs follow the existing Trust transaction rules, including:

• Trust approval workflows
• overdraw controls
• audit history
• requisition and posting controls

An MSTA can only be used for its linked Matter.

Matter-to-Matter transfers are not supported. MSTAs do not appear as available accounts for Matter-to-Matter transfer requisitions.

Trust to Office transfers can be processed from the Matter or the specific MSTA. MSTAs do not appear in the global Trust to Office or Pending Transfers listing.

Transferring Funds Between Accounts

Funds can be transferred between a Matter’s pooled Trust or Client Account and an MSTA or MSCA linked to the same Matter.

This changes the bank account in which the funds are held. It does not change the Matter’s total Trust or Client balance.

Transfers must be initiated from the relevant account within the Matter Ledger. They cannot be initiated from the Banking area.

When creating a transfer:

• the Matter and originating account are fixed

• the destination account must be open and linked to the same Matter

• both accounts must use the same currency

• existing permissions, approval workflows and transaction controls apply

The following transfers are not supported:

• transfers between different Matters

• transfers between two MSTAs or MSCAs

• transfers between two pooled Trust or Client Accounts

• transfers involving an Office Account

Efimis creates a linked Payment from the originating account and a Receipt in the destination account. Each transaction is reconciled separately against its respective bank account.

Reversing a Transfer

Reverse either of the linked transactions to reverse the transfer. Efimis coordinates the reversal of both the originating Payment and destination Receipt.

If the reversal cannot be completed, the original transfer remains posted and the reversal can be attempted again.

Reconciliation

Each Matter Specific Trust Account is reconciled independently.

MSTAs support:

• manual reconciliation
• imported bank statements
• bank feeds, where configured

Each MSTA appears as an individual reconciliation account while remaining part of the firm's Trust accounting records.

Matter View

Within a Matter, each Matter Specific Trust Account appears separately.

Users can:

• view individual MSTA balances
• access Ledger Entries
• post Trust Receipts
• post Trust Payments
• perform Trust to Office transfers
• transfer funds between the pooled Trust or Client Account and an MSTA or MSCA linked to the Matter 

Where a Matter has multiple MSTAs, each account is displayed separately.

The balances are also included in the Matter’s total Trust or Client balance.

Reporting and Statements

MSTAs are included in existing Trust reporting while remaining identifiable by bank account.

Available reporting includes:

• Trust Account Statements
• Matter Trust balances
• Trust Ledger reporting

Each MSTA has its own transaction history and audit trail. It can be selected and identified through existing Trust Account statement reporting.

Client-level reporting across Matters remains available through the existing Trust Account Statement report when filtered by Client.

An MSTA can be selected as the Retained Account on an invoice, consistent with standard Trust Account behaviour.

Recent Activity

Recent Activity records significant changes made to an MSTA.

This includes:

• account creation
• Matter linkage
• account detail changes
• bank configuration changes
• EFT or ABA configuration changes, where applicable
• account closure

Activity records identify the MSTA, linked Matter and user who performed the action.

Permissions

MSTAs use existing Trust and General Ledger permissions.

No new permissions are required specifically for MSTAs.

Key Behaviour

Best Practices

• Verify the linked Matter before creating the account.
• Create an MSTA only where dedicated Trust banking is required.
• Use an account name that clearly identifies the Matter or purpose.
• Initiate transactions from the Matter or specific MSTA to reduce allocation errors.
• Reconcile each MSTA regularly.
• Review Recent Activity when auditing account changes.
• Check all MSTA balances before closing the linked Matter.
• Review the Bank Account Type when creating an MSTA or MSCA and confirm that the correct interest option has been selected.