Does Fundtap write to my accounting system?

How does FundTap handle accounting for funded invoices?

FundTap automatically posts transactions to your accounting software when an invoice is funded and when you make a repayment — keeping your accounts reconciled with no manual entry required. FundTap integrates with leading accounting platforms including Xero and QuickBooks Online.

What transactions does FundTap create when an invoice is funded?

When an invoice is funded, FundTap posts three transactions automatically: a receive money entry to your nominated bank account, a payable to reflect the funded amount, and an expense to record the FundTap fees. This means all three entries are already waiting in your accounts when it comes time to reconcile.

• Receive money transaction – posted to your nominated bank account
• Payable transaction – reflects the funded amount
• Expense transaction – reflects the FundTap fees

These transactions are posted to the accounts you selected during setup, or to default FundTap accounts created automatically if you did not nominate specific ones.

What happens to my accounting when I make a repayment?

When you make a repayment, FundTap automatically matches it to the outstanding advance and clears it from your books. Your bank reconciliation is updated and your profit and loss correctly records the FundTap fee expense. By the end of the financial year, all FundTap transactions will be fully reconciled.

Can I change the accounts the transactions write to?

Yes, you can change which accounts transactions write to. In your FundTap Customer Portal, follow these steps:

1. Select the name of your business in the top right.
2. Select My Account, then select Accounting Software.
3. Review the accounts listed and update as needed.

To change the bank account, please contact us at info@fundtap.co.