diff --git a/piecash/sa_extra.py b/piecash/sa_extra.py
index 49f148f..a120822 100644
--- a/piecash/sa_extra.py
+++ b/piecash/sa_extra.py
@@ -18,19 +18,44 @@
 )
 from sqlalchemy.dialects import sqlite
 from sqlalchemy.ext.compiler import compiles
-from sqlalchemy.ext.declarative import as_declarative
 from sqlalchemy.ext.hybrid import hybrid_property
 from sqlalchemy.orm import exc as orm_exc
 from sqlalchemy.orm import sessionmaker, object_session
 
-# import yaml
+try:
+    # sqlalchemy 1.4 and greater changes `as_declarative` to create a
+    # `registry` object, on which `as_declarative_base` is called.
+    #
+    # For unclear reasons, the `constructor` keyword is not forwarded
+    # to the `registry` constructor in `as_declarative`, even though
+    # it's defined for `registry.__init__` and not allowed by
+    # `registry.as_declarative_base`.
+    #
+    # This redefinition of `as_declarative` passes the `constructor` keyword
+    # onto `registry`, just as is done in `declarative_base`.
+    #
+    # I am using the existence of `sqlalchemy.orm.registry` (new in SA 1.4)
+    # as the marker for whether `constructor` is supported in `as_declarative`
+    from sqlalchemy.orm import registry
+    from sqlalchemy.orm.decl_base import _declarative_constructor
+
+    def as_declarative(**kw):
+        bind, metadata, class_registry, constructor = (
+            kw.pop("bind", None),
+            kw.pop("metadata", None),
+            kw.pop("class_registry", None),
+            kw.pop("constructor", _declarative_constructor),
+        )
+
+        return registry(_bind=bind, metadata=metadata, class_registry=class_registry, constructor=constructor).as_declarative_base(**kw)
+
+except ImportError:
+    # `as_declarative` was under `sqlalchemy.ext.declarative` prior to 1.4
+    from sqlalchemy.ext.declarative import as_declarative
 
 
 def __init__blocked(self, *args, **kwargs):
-    raise NotImplementedError(
-        "Objects of type {} cannot be created from scratch "
-        "(only read)".format(self.__class__.__name__)
-    )
+    raise NotImplementedError("Objects of type {} cannot be created from scratch " "(only read)".format(self.__class__.__name__))
 
 
 @as_declarative(constructor=__init__blocked)
@@ -103,15 +128,9 @@ def load_dialect_impl(self, dialect):
 
     def process_bind_param(self, value, dialect):
         if value is not None:
-            assert isinstance(
-                value, datetime.datetime
-            ), "value {} is not of type datetime.datetime but type {}".format(
-                value, type(value)
-            )
+            assert isinstance(value, datetime.datetime), "value {} is not of type datetime.datetime but type {}".format(value, type(value))
             if value.microsecond != 0:
-                logging.warning(
-                    "A datetime has been given with microseconds which are not saved in the database"
-                )
+                logging.warning("A datetime has been given with microseconds which are not saved in the database")
 
             if not value.tzinfo:
                 value = tz.localize(value)
@@ -145,15 +164,11 @@ def process_bind_param(self, value, dialect):
         if value is not None:
             assert isinstance(value, datetime.date) and not isinstance(
                 value, datetime.datetime
-            ), "value {} is not of type datetime.date but type {}".format(
-                value, type(value)
-            )
+            ), "value {} is not of type datetime.date but type {}".format(value, type(value))
             if self.neutral_time:
                 result = datetime.datetime.combine(value, datetime.time(10, 59, 0))
             else:
-                result = tz.localize(
-                    datetime.datetime.combine(value, datetime.time(0, 0, 0))
-                ).astimezone(utc)
+                result = tz.localize(datetime.datetime.combine(value, datetime.time(0, 0, 0))).astimezone(utc)
             return result.replace(tzinfo=None)
 
     def process_result_value(self, value, dialect):
@@ -205,9 +220,7 @@ def expr(cls):
     )
 
 
-def pure_slot_property(
-    slot_name, slot_transform=lambda x: x, ignore_invalid_slot=False
-):
+def pure_slot_property(slot_name, slot_transform=lambda x: x, ignore_invalid_slot=False):
     """
     Create a property (class must have slots) that maps to a slot
 
@@ -323,11 +336,7 @@ def process_bind_param(self, value, dialect):
             return [k for k, v in self.choices.items() if v == value][0]
         except IndexError:
             # print("Value '{}' is not in [{}]".format(", ".join(self.choices.values())))
-            raise ValueError(
-                "Value '{}' is not in choices [{}]".format(
-                    value, ", ".join(self.choices.values())
-                )
-            )
+            raise ValueError("Value '{}' is not in choices [{}]".format(value, ", ".join(self.choices.values())))
 
     def process_result_value(self, value, dialect):
         return self.choices[value]
diff --git a/setup.py b/setup.py
index ebc6ec3..83eef3b 100644
--- a/setup.py
+++ b/setup.py
@@ -202,7 +202,7 @@ def _lint():
 
 ## package dependencies
 install_requires = [
-    "SQLAlchemy>=1.0, <1.4",
+    "SQLAlchemy>=1.0, <1.5",
     "SQLAlchemy-Utils!=0.36.8",
     "pytz",
     "tzlocal",