diff --git a/erpnext/accounts/party.py b/erpnext/accounts/party.py
index 4a19645..09f9b6a 100644
--- a/erpnext/accounts/party.py
+++ b/erpnext/accounts/party.py
@@ -11,6 +11,9 @@
 from erpnext.utilities.doctype.address.address import get_address_display
 from erpnext.utilities.doctype.contact.contact import get_contact_details
 
+class InvalidCurrency(frappe.ValidationError): pass
+class InvalidAccountCurrency(frappe.ValidationError): pass
+
 @frappe.whitelist()
 def get_party_details(party=None, account=None, party_type="Customer", company=None,
 	posting_date=None, price_list=None, currency=None, doctype=None):
@@ -149,36 +152,52 @@
 	if not party.party_account_currency:
 		if party.default_currency:
 			party.party_account_currency = party.default_currency
-		else:
-			party.party_account_currency = company_currency
+		elif len(set(company_currency.values())) == 1:
+				party.party_account_currency = company_currency.values()[0]
 			
 	party_account_currency_in_db = frappe.db.get_value(party.doctype, party.name, "party_account_currency")
-	if party_account_currency_in_db and party_account_currency_in_db != party.party_account_currency:
+	if party_account_currency_in_db != party.party_account_currency:
 		existing_gle = frappe.db.get_value("GL Entry", {"party_type": party.doctype, 
 			"party": party.name}, ["name", "account_currency"], as_dict=1)
 		if existing_gle:
-			frappe.throw(_("Accounting Currency cannot be changed, as GL Entry exists for this {0}")
-				.format(party.doctype))
+			if party_account_currency_in_db:
+				frappe.throw(_("Accounting Currency cannot be changed, as GL Entry exists for this {0}")
+					.format(party.doctype), InvalidCurrency)
+			else:
+				party.party_account_currency = existing_gle.account_currency
 		
 		
 def validate_party_account(party):
 	company_currency = get_company_currency()
-	
-	if party.party_account_currency != company_currency:
-		party_account_defined_for_companies = [d.company for d in party.get("accounts")]
-		all_companies = [d.name for d in frappe.get_list("Company")]
-		party_account_required_for_companies = list(set(all_companies) - set(party_account_defined_for_companies))
+	if party.party_account_currency:
+		companies_with_different_currency = []
+		for company, currency in company_currency.items():
+			if currency != party.party_account_currency:
+				companies_with_different_currency.append(company)
 				
-		if party_account_required_for_companies:
+		for d in party.get("accounts"):
+			if d.company in companies_with_different_currency:
+				companies_with_different_currency.remove(d.company)
+				
+			selected_account_currency = frappe.db.get_value("Account", d.account, "account_currency")
+			if selected_account_currency != party.party_account_currency:
+				frappe.throw(_("Account {0} is invalid, account currency must be {1}")
+					.format(d.account, selected_account_currency), InvalidAccountCurrency)
+				
+		if companies_with_different_currency:
 			frappe.msgprint(_("Please mention Default {0} Account for the following companies, as accounting currency is different from company's default currency: {1}")
 				.format(
 					"Receivable" if party.doctype=="Customer" else "Payable", 
-					"\n" + "\n".join(party_account_required_for_companies)
+					"\n" + "\n".join(companies_with_different_currency)
 				)
 			)
 			
 def get_company_currency():
-	return frappe.db.sql("select default_currency from tabCompany limit 1")[0][0]
+	company_currency = frappe._dict()
+	for d in frappe.get_all("Company", fields=["name", "default_currency"]):
+		company_currency.setdefault(d.name, d.default_currency)
+		
+	return company_currency
 				
 @frappe.whitelist()
 def get_party_account(company, party, party_type):
diff --git a/erpnext/buying/doctype/supplier/test_records.json b/erpnext/buying/doctype/supplier/test_records.json
index 82e0a44..6d01dff 100644
--- a/erpnext/buying/doctype/supplier/test_records.json
+++ b/erpnext/buying/doctype/supplier/test_records.json
@@ -13,7 +13,7 @@
   "doctype": "Supplier", 
   "supplier_name": "_Test Supplier USD", 
   "supplier_type": "_Test Supplier Type",
-  "default_currency": "USD",
+  "party_account_currency": "USD",
   "accounts": [{
     "company": "_Test Company",
     "account": "_Test Payable USD - _TC"
diff --git a/erpnext/selling/doctype/customer/customer.js b/erpnext/selling/doctype/customer/customer.js
index ab23d73..9325e72 100644
--- a/erpnext/selling/doctype/customer/customer.js
+++ b/erpnext/selling/doctype/customer/customer.js
@@ -100,11 +100,17 @@
 
 cur_frm.fields_dict['accounts'].grid.get_field('account').get_query = function(doc, cdt, cdn) {
 	var d  = locals[cdt][cdn];
+	var filters = {
+		'account_type': 'Receivable',
+		'company': d.company,
+		"is_group": 0
+	};
+	
+	if(doc.party_account_currency) {
+		$.extend(filters, {"account_currency": doc.party_account_currency});
+	}
+		
 	return {
-		filters: {
-			'account_type': 'Receivable',
-			'company': d.company,
-			"is_group": 0
-		}
+		filters: filters
 	}
 }
diff --git a/erpnext/selling/doctype/customer/test_customer.py b/erpnext/selling/doctype/customer/test_customer.py
index dca4bb7..a0a1501 100644
--- a/erpnext/selling/doctype/customer/test_customer.py
+++ b/erpnext/selling/doctype/customer/test_customer.py
@@ -8,6 +8,8 @@
 
 from frappe.test_runner import make_test_records
 from erpnext.controllers.accounts_controller import CustomerFrozen
+from erpnext.accounts.party import InvalidCurrency
+from erpnext.accounts.doctype.sales_invoice.test_sales_invoice import create_sales_invoice
 
 test_ignore = ["Price List"]
 
@@ -77,4 +79,14 @@
 		
 		frappe.db.set_value("Customer", "_Test Customer", "is_frozen", 0)
 		
-		so.save()
\ No newline at end of file
+		so.save()
+		
+	def test_multi_currency(self):
+		customer = frappe.get_doc("Customer", "_Test Customer USD")
+		
+		create_sales_invoice(customer="_Test Customer USD", debit_to="_Test Receivable USD - _TC", 
+			currency="USD", conversion_rate=50)
+		
+		customer.party_account_currency = "EUR"
+		self.assertRaises(InvalidCurrency, customer.save)
+		
\ No newline at end of file
diff --git a/erpnext/selling/doctype/customer/test_records.json b/erpnext/selling/doctype/customer/test_records.json
index 5c0bbd9..060633e 100644
--- a/erpnext/selling/doctype/customer/test_records.json
+++ b/erpnext/selling/doctype/customer/test_records.json
@@ -33,7 +33,7 @@
   "customer_type": "Individual",
   "doctype": "Customer",
   "territory": "_Test Territory",
-  "default_currency": "USD",
+  "party_account_currency": "USD",
   "accounts": [{
 	  "company": "_Test Company",
 	  "account": "_Test Receivable USD - _TC"
diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 72c6cdd..804dc4d 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -52,15 +52,7 @@
 		if self.default_currency and self.previous_default_currency and \
 			self.default_currency != self.previous_default_currency and \
 			self.check_if_transactions_exist():
-				frappe.throw(_("Cannot change company's default currency, because there are existing transactions. Transactions must be cancelled to change the default currency."))
-				
-		if self.default_currency:
-			currency_in_other_companies = frappe.db.sql("""select default_currency from tabCompany 
-				where name!=%s limit 1""", self.name)
-
-			if currency_in_other_companies and self.default_currency != currency_in_other_companies[0][0]:
-				frappe.throw(_("Currency must be same for all Companies"))
-			
+				frappe.throw(_("Cannot change company's default currency, because there are existing transactions. Transactions must be cancelled to change the default currency."))			
 
 	def on_update(self):
 		if not frappe.db.sql("""select name from tabAccount