Enables phosphatase binding activity and phosphoprotein phosphatase activity. Involved in postsynaptic modulation of chemical synaptic transmission and regulation of postsynaptic neurotransmitter receptor internalization. Acts upstream of or within several processes, including animal organ development; branching involved in blood vessel morphogenesis; and calcineurin-NFAT signaling cascade. Located in several cellular components, including Schaffer collateral - CA1 synapse; parallel fiber to Purkinje cell synapse; and sarcolemma. Part of calcineurin complex. Is active in synapse. Is expressed in brain; heart; jaw skeleton; and tooth. Used to study dilated cardiomyopathy and schizophrenia. Human ortholog(s) of this gene implicated in Alzheimer's disease and dilated cardiomyopathy. Orthologous to human PPP3R1 (protein phosphatase 3 regulatory subunit B, alpha). [provided by Alliance of Genome Resources, Apr 2022]