> For the complete documentation index, see [llms.txt](https://docs.enzyme.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.enzyme.finance/onyx-user-documentation/enzyme-vault/accounting.md). # Accounting Because Enzyme.Onyx enables any type of strategy across unlimited systems, and to preserve the integrity of its tokenized structure, **Vaults deployed with Onyx operate under a non-continuous accounting model.** {% hint style="info" %} A **non-continuous accounting model** means the Vault’s NAV isn’t updated in real time through live price feeds, but only at specific checkpoints defined by the manager or strategy. {% endhint %} ## Holdings Valuation Vault Owners or Admins must regularly value the holdings and positions in their Management Wallet, with the frequency determined at their discretion. \ \ Once the valuation is reported, Enzyme.Onyx calculates the NAV by incorporating other items such as ***Capitalised Expenses***, ***Deferred Income***, and fees, and updates the Vault Share Price accordingly. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.enzyme.finance/onyx-user-documentation/enzyme-vault/accounting.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.