Does Fundtap write to my accounting system?

Fundtap is designed to make getting paid simple - and that extends to managing your accounting too.

When an invoice is funded, Fundtap will post a receive money transaction to your nominated bank account in your accounting software, This means that when it comes time to reconcile, the corresponding transaction is already there.

At the same time, Fundtap will create a payable and expense transaction, to reflect the loan amount, and the Fundtap fees. These will be to accounts you nominated during your setup, or newly created Fundtap accounts.

When you make repayment, your accounting software will identify the amount you pay and match it to the liability, so your bank reconciliation will work.

Once you've made repayment, the liability will be cleared, and the expense will be recorded correctly on your profit and loss, meaning come the end of the financial year, your accounts will be up-to-date and fully reconciled for all Fundtap transactions.

If at any time you wish to change the accounts that transactions are posting to, or have a query about the accounting, just contact us directly at info@fundtap.co