diff --git a/accounts/doctype/sales_invoice/sales_invoice.txt b/accounts/doctype/sales_invoice/sales_invoice.txt
index 516d192..b168ba6 100644
--- a/accounts/doctype/sales_invoice/sales_invoice.txt
+++ b/accounts/doctype/sales_invoice/sales_invoice.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-05-24 19:29:05", 
   "docstatus": 0, 
-  "modified": "2013-10-03 18:54:31", 
+  "modified": "2013-10-11 13:12:38", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -225,7 +225,6 @@
   "reqd": 1
  }, 
  {
-  "default": "1.00", 
   "description": "Rate at which Customer Currency is converted to customer's base currency", 
   "doctype": "DocField", 
   "fieldname": "conversion_rate", 
diff --git a/public/js/transaction.js b/public/js/transaction.js
index e12d108..a7be5bd 100644
--- a/public/js/transaction.js
+++ b/public/js/transaction.js
@@ -21,8 +21,6 @@
 				company: wn.defaults.get_default("company"),
 				fiscal_year: wn.defaults.get_default("fiscal_year"),
 				is_subcontracted: "No",
-				conversion_rate: 1.0,
-				plc_conversion_rate: 1.0
 			}, function(fieldname, value) {
 				if(me.frm.fields_dict[fieldname] && !me.frm.doc[fieldname])
 					me.frm.set_value(fieldname, value);
@@ -131,10 +129,16 @@
 	
 	company: function() {
 		if(this.frm.doc.company && this.frm.fields_dict.currency) {
+			var company_currency = this.get_company_currency();
 			if(!this.frm.doc.currency) {
-				this.frm.set_value("currency", this.get_company_currency());
+				this.frm.set_value("currency", company_currency);
 			}
 			
+			if(this.frm.doc.currency == company_currency)
+				this.frm.set_value("conversion_rate", 1.0);
+			if(this.frm.doc.price_list_currency == company_currency)
+				this.frm.set_value('plc_conversion_rate', 1.0);
+
 			this.frm.script_manager.trigger("currency");
 		}
 	},
@@ -233,29 +237,6 @@
 		this.calculate_taxes_and_totals();
 	},
 
-	// serial_no: function(doc, cdt, cdn) {
-	// 	var me = this;
-	// 	var item = wn.model.get_doc(cdt, cdn);
-	// 	if (!item.item_code) {
-	// 		wn.call({
-	// 			method: 'accounts.doctype.sales_invoice.pos.get_item_from_serial_no',
-	// 			args: {serial_no: this.serial_no.$input.val()},
-	// 			callback: function(r) {
-	// 				if (r.message) {
-	// 					var item_code = r.message[0].item_code;
-	// 					var child = wn.model.add_child(me.frm.doc, this.frm.doctype + " Item", 
-	// 						this.frm.cscript.fname);
-	// 							child.item_code = item_code;
-	// 							me.frm.cscript.item_code(me.frm.doc, child.doctype, child.name);
-	// 				}
-	// 				else
-	// 					msgprint(wn._("Invalid Serial No."));
-	// 				me.refresh();
-	// 			}
-	// 		});
-	// 	}
-	// },
-	
 	row_id: function(doc, cdt, cdn) {
 		var tax = wn.model.get_doc(cdt, cdn);
 		try {
@@ -486,12 +467,8 @@
 		}
 		
 		var company_currency = this.get_company_currency();
-		var valid_conversion_rate = this.frm.doc.conversion_rate ?
-			((this.frm.doc.currency == company_currency && this.frm.doc.conversion_rate == 1.0) ||
-			(this.frm.doc.currency != company_currency && this.frm.doc.conversion_rate != 1.0)) :
-			false;
 		
-		if(!valid_conversion_rate) {
+		if(!this.frm.doc.conversion_rate) {
 			wn.throw(wn._("Please enter valid") + " " + wn._(conversion_rate_label) + 
 				" 1 " + this.frm.doc.currency + " = [?] " + company_currency);
 		}
diff --git a/selling/doctype/quotation/quotation.txt b/selling/doctype/quotation/quotation.txt
index 3f97c98..62c36b4 100644
--- a/selling/doctype/quotation/quotation.txt
+++ b/selling/doctype/quotation/quotation.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-05-24 19:29:08", 
   "docstatus": 0, 
-  "modified": "2013-09-10 10:46:33", 
+  "modified": "2013-10-11 13:21:07", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -257,7 +257,6 @@
   "width": "100px"
  }, 
  {
-  "default": "1.00", 
   "description": "Rate at which customer's currency is converted to company's base currency", 
   "doctype": "DocField", 
   "fieldname": "conversion_rate", 
diff --git a/selling/doctype/sales_order/sales_order.txt b/selling/doctype/sales_order/sales_order.txt
index 94e6388..46a06b5 100644
--- a/selling/doctype/sales_order/sales_order.txt
+++ b/selling/doctype/sales_order/sales_order.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-06-18 12:39:59", 
   "docstatus": 0, 
-  "modified": "2013-08-09 14:46:17", 
+  "modified": "2013-10-11 13:18:47", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -272,7 +272,6 @@
   "width": "100px"
  }, 
  {
-  "default": "1.00", 
   "description": "Rate at which customer's currency is converted to company's base currency", 
   "doctype": "DocField", 
   "fieldname": "conversion_rate", 
diff --git a/stock/doctype/delivery_note/delivery_note.txt b/stock/doctype/delivery_note/delivery_note.txt
index f1493bb..6834365 100644
--- a/stock/doctype/delivery_note/delivery_note.txt
+++ b/stock/doctype/delivery_note/delivery_note.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-05-24 19:29:09", 
   "docstatus": 0, 
-  "modified": "2013-08-09 14:46:32", 
+  "modified": "2013-10-11 13:19:40", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -230,7 +230,7 @@
   "depends_on": "eval:doc.po_no", 
   "doctype": "DocField", 
   "fieldname": "po_date", 
-  "fieldtype": "Data", 
+  "fieldtype": "Date", 
   "hidden": 1, 
   "label": "Customer's Purchase Order Date", 
   "no_copy": 0, 
@@ -263,7 +263,6 @@
   "reqd": 1
  }, 
  {
-  "default": "1.00", 
   "description": "Rate at which customer's currency is converted to company's base currency", 
   "doctype": "DocField", 
   "fieldname": "conversion_rate", 
diff --git a/stock/doctype/purchase_receipt/purchase_receipt.txt b/stock/doctype/purchase_receipt/purchase_receipt.txt
index 1184643..f228a14 100755
--- a/stock/doctype/purchase_receipt/purchase_receipt.txt
+++ b/stock/doctype/purchase_receipt/purchase_receipt.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-05-21 16:16:39", 
   "docstatus": 0, 
-  "modified": "2013-08-09 14:47:05", 
+  "modified": "2013-10-11 13:20:13", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -215,7 +215,6 @@
   "reqd": 1
  }, 
  {
-  "default": "1.00", 
   "description": "Rate at which supplier's currency is converted to company's base currency", 
   "doctype": "DocField", 
   "fieldname": "conversion_rate", 
diff --git a/utilities/transaction_base.py b/utilities/transaction_base.py
index 36231bf..9921910 100644
--- a/utilities/transaction_base.py
+++ b/utilities/transaction_base.py
@@ -432,14 +432,7 @@
 	
 	company_currency = webnotes.conn.get_value("Company", company, "default_currency")
 	
-	# parenthesis for 'OR' are necessary as we want it to evaluate as 
-	# mandatory valid condition and (1st optional valid condition 
-	# 	or 2nd optional valid condition)
-	valid_conversion_rate = (conversion_rate and 
-		((currency == company_currency and conversion_rate == 1.00)
-			or (currency != company_currency and conversion_rate != 1.00)))
-
-	if not valid_conversion_rate:
+	if not conversion_rate:
 		msgprint(_('Please enter valid ') + conversion_rate_label + (': ') 
 			+ ("1 %s = [?] %s" % (currency, company_currency)),
 			raise_exception=True)