The answer is yes. To calculate buying power IB compares Current Equity with Loan Value to Previous Day Equity with Loan Value. Whichever figure is lesser is used. From the lesser of these two figures, the Initial Margin Requirement on the positions you currently hold in the account is subtracted. The difference is then multiplied by the current leverage amount (at present 4:1), which results in your intraday buying power. Funds deposited today are now considered as part of Previous Day ELV.
Please understand that funds deposited today will not be considered until they have cleared all appropriate funds and banking channels and are officially in the account.
Also note that this calculation of buying power applies to Regulation T margin type accounts and not to Portfolio Margin type accounts.
The Previous Day ELV check is done once an account is labeled as a "Pattern Day Trader" account. This occurs when the account has completed 4 day trades in a 5 day period. If the account is not labeled as a PDT, then the Previous Day ELV check doesn't apply.
The equation used is:
((Lesser of: Equity With Loan Value or Previous Day Equity With Loan Value) - Initial Margin)*4 for accounts labeled as PDT accounts.
(Equity With Loan Value - Initial Margin)*4 for accounts not labeled as PDT accounts.