Elven Docs
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  • Getting Started
  • System Configuration
    • Getting started with Elven
    • Project and Entities
      • Choose an Accounting Start Date
    • Inviting team members
    • Viewing activity logs
  • Financial Configuration
    • Configure Chart of Accounts
    • Configure Journal types
    • Configure Auxiliary Accounting
    • Setting Account Opening Balance
  • ACOUNT MANAGEMENT
    • Importing account balances
    • Importing transactions
      • Importing derivatives transactions
    • Verifying account balances
    • Counterparty Accounts Management
      • Managing counterparties
      • Automated counterparty identification
  • Transactions management
    • Transactions overview
  • Bookkeeping
    • Accounting with transaction data
      • Tagging of transactions
      • Rule based tagging
    • Accounting with business data
      • Importing business data using API
      • Importing business data with CSV file
      • Automated bookkeeping of business data
  • ASSETS AND VALUATIONS
    • Assets management
      • Add tokens via smart contract
      • Customising price feeds for assets
    • Fair value of Crypto assets and adjustments
    • Currency exchange (FX) PnL adjustment
    • Derivatives unrealized PnL adjustment
    • Broker business inventory management
  • RECONCILIATION
    • Transaction Reconciliation
  • REPORTS
    • Trial balance
    • Account Balance sheet
    • Financial statements
    • Crypto assets disclosure form
    • Dashboard
  • OpenAPI
    • Obtaining API Authorization
    • Import Business Data
    • Create Account
    • Query Account
    • Create Source
    • Query Source
    • Import Transfer
    • Import Trade
    • Import Gain/Loss
    • Import Account Balances
    • Import Price
    • Query Platform
    • Query Currency
    • Timezone
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  • Overview
  • Impact
  • Data Access
  • Initial Balance of Accounting Items

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  1. System Configuration
  2. Project and Entities

Choose an Accounting Start Date

PreviousProject and EntitiesNextInviting team members

Last updated 2 months ago

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Overview

In Elven, one of the most important decisions is choosing your accounting start date.

What is an accounting start date?

The accounting start date is the day you begin bookkeeping in Elven. All content before this date is reflected in Elven by setting initial balances, and Elven will only import transaction details from after this date. In other words, this day marks the transition from your old system to conducting business in Elven.

Note: Once the accounting start date is set, it cannot be changed. Choose carefully!

Impact

Once the accounting start time is set, the following effects occur:

Data Access

Elven does not fetch historical transactions earlier than this time.

For instance, if you set the accounting start time as January 1, 2024, when you add a wallet account to Elven, even if it contains transactions before January 1, 2024, Elven will only fetch transactions from after that date.

In such cases, to ensure the account balance check passes correctly, you need to manually enter the balance data of the wallet as of January 1, 2024.

Initial Balance of Accounting Items

If your entity already has accounting data before the chosen start date, such as migrating from an old financial system to Elven, you need to manually enter the initial balances of accounting items as of January 1, 2024. ()

How to set account opening balance