diff --git a/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py b/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
index e93fa8c..831c343 100644
--- a/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
+++ b/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
@@ -5,12 +5,12 @@
 import frappe
 from frappe import _
 from frappe.query_builder.functions import Sum
-from frappe.utils import flt
+from frappe.utils import add_days, flt
 
 from erpnext.accounts.doctype.accounting_dimension.accounting_dimension import (
 	get_accounting_dimensions,
 )
-from erpnext.accounts.utils import get_account_currency
+from erpnext.accounts.utils import get_account_currency, get_fiscal_year, validate_fiscal_year
 from erpnext.controllers.accounts_controller import AccountsController
 
 
@@ -72,8 +72,6 @@
 			frappe.throw(_("Currency of the Closing Account must be {0}").format(company_currency))
 
 	def validate_posting_date(self):
-		from erpnext.accounts.utils import get_fiscal_year, validate_fiscal_year
-
 		validate_fiscal_year(
 			self.posting_date, self.fiscal_year, self.company, label=_("Posting Date"), doc=self
 		)
@@ -82,6 +80,8 @@
 			self.posting_date, self.fiscal_year, company=self.company
 		)[1]
 
+		self.check_if_previous_year_closed()
+
 		pce = frappe.db.sql(
 			"""select name from `tabPeriod Closing Voucher`
 			where posting_date > %s and fiscal_year = %s and docstatus = 1 and company = %s""",
@@ -94,6 +94,17 @@
 				)
 			)
 
+	def check_if_previous_year_closed(self):
+		last_year_closing = add_days(self.year_start_date, -1)
+
+		previous_fiscal_year = get_fiscal_year(last_year_closing, company=self.company, boolean=True)
+
+		if previous_fiscal_year and not frappe.db.exists(
+			"Period Closing Voucher",
+			{"posting_date": ("<=", last_year_closing), "docstatus": 1, "company": self.company},
+		):
+			frappe.throw(_("Previous Year is not closed, please close it first"))
+
 	def make_gl_entries(self, get_opening_entries=False):
 		gl_entries = self.get_gl_entries()
 		closing_entries = self.get_grouped_gl_entries(get_opening_entries=get_opening_entries)
diff --git a/erpnext/accounts/report/financial_statements.py b/erpnext/accounts/report/financial_statements.py
index d9c3980..9bb05fd 100644
--- a/erpnext/accounts/report/financial_statements.py
+++ b/erpnext/accounts/report/financial_statements.py
@@ -486,8 +486,6 @@
 			gl_entry.account,
 			gl_entry.debit,
 			gl_entry.credit,
-			gl_entry.is_opening,
-			gl_entry.fiscal_year,
 			gl_entry.debit_in_account_currency,
 			gl_entry.credit_in_account_currency,
 			gl_entry.account_currency,
@@ -498,7 +496,7 @@
 	query = query.where(gl_entry.account.isin(accounts))
 
 	if doctype == "GL Entry":
-		query = query.select(gl_entry.posting_date)
+		query = query.select(gl_entry.posting_date, gl_entry.is_opening, gl_entry.fiscal_year)
 		query = query.where(gl_entry.is_cancelled == 0)
 		query = query.where(gl_entry.posting_date <= to_date)
 	else:
diff --git a/erpnext/accounts/utils.py b/erpnext/accounts/utils.py
index 005a2f1..92906c1 100644
--- a/erpnext/accounts/utils.py
+++ b/erpnext/accounts/utils.py
@@ -51,13 +51,25 @@
 
 @frappe.whitelist()
 def get_fiscal_year(
-	date=None, fiscal_year=None, label="Date", verbose=1, company=None, as_dict=False
+	date=None, fiscal_year=None, label="Date", verbose=1, company=None, as_dict=False, boolean=False
 ):
-	return get_fiscal_years(date, fiscal_year, label, verbose, company, as_dict=as_dict)[0]
+	fiscal_years = get_fiscal_years(
+		date, fiscal_year, label, verbose, company, as_dict=as_dict, boolean=boolean
+	)
+	if boolean:
+		return fiscal_years
+	else:
+		return fiscal_years[0]
 
 
 def get_fiscal_years(
-	transaction_date=None, fiscal_year=None, label="Date", verbose=1, company=None, as_dict=False
+	transaction_date=None,
+	fiscal_year=None,
+	label="Date",
+	verbose=1,
+	company=None,
+	as_dict=False,
+	boolean=False,
 ):
 	fiscal_years = frappe.cache().hget("fiscal_years", company) or []
 
@@ -121,8 +133,12 @@
 	if company:
 		error_msg = _("""{0} for {1}""").format(error_msg, frappe.bold(company))
 
+	if boolean:
+		return False
+
 	if verbose == 1:
 		frappe.msgprint(error_msg)
+
 	raise FiscalYearError(error_msg)