diff --git a/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.js b/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.js
index 43fe56c..7cf5648 100644
--- a/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.js
+++ b/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.js
@@ -41,7 +41,8 @@
 		page: "chart_of_accounts",
 		method: "get_companies",
 		callback: function(r) {
-			erpnext.coa.company_select.empty().add_options(r.message).change();
+			erpnext.coa.company_select.empty().add_options(r.message.companies).change();
+			erpnext.coa.fiscal_years = r.message.fiscal_years;
 		}
 	});
 	
@@ -100,6 +101,7 @@
 					"credit": 0,
 					"closing": 0,
 					"debit_or_credit": v[2],
+					"is_pl": v[3]
 				};
 
 				data.push(d);
@@ -118,18 +120,27 @@
 		var gl = erpnext.coa.gl;
 		var opening_date = dateutil.user_to_obj(erpnext.coa.opening_date.val());
 		var closing_date = dateutil.user_to_obj(erpnext.coa.closing_date.val());
+		var fiscal_year = erpnext.coa.get_fiscal_year(opening_date, closing_date);
+		if (!fiscal_year) return;
+		
 		$.each(erpnext.coa.data, function(i, v) {
 			v.opening = v.debit = v.credit = v.closing = 0;
 		});
+		
 		$.each(gl, function(i, v) {
 			var posting_date = dateutil.str_to_obj(v[0]);
 			var account = erpnext.coa.data_by_name[v[1]];
 			// opening
-			if (posting_date < opening_date) {
-				if (account.debit_or_credit === "Debit") {
-					account.opening += (v[2] - v[3]);
+			if (posting_date < opening_date || v[4] === "Yes") {
+				if (account.is_pl === "Yes" && posting_date <= dateutil.str_to_obj(fiscal_year[1])) {
+					// balance of previous fiscal_year should 
+					//	not be part of opening of pl account balance
 				} else {
-					account.opening += (v[3] - v[2]);
+					if (account.debit_or_credit === "Debit") {
+						account.opening += (v[2] - v[3]);
+					} else {
+						account.opening += (v[3] - v[2]);
+					}
 				}
 			} else if (opening_date <= posting_date && posting_date <= closing_date) {
 				// in between
@@ -152,6 +163,26 @@
 			v.closing = fmt_money(v.closing);
 		});
 	},
+	get_fiscal_year: function(opening_date, closing_date) {
+		if (opening_date > closing_date) {
+			msgprint("Opening Date should be before Closing Date");
+			return;
+		}
+		
+		var fiscal_year = null;
+		$.each(erpnext.coa.fiscal_years, function(i, v) {
+			if (opening_date >= dateutil.str_to_obj(v[1]) && 
+				closing_date <= dateutil.str_to_obj(v[2])) {
+					fiscal_year = v;
+				}
+		});
+		
+		if (!fiscal_year) {
+			msgprint("Opening Date and Closing Date should be within same Fiscal Year");
+			return;
+		}
+		return fiscal_year;
+	},
 	set_indent: function(data, parent_map) {
 		$.each(data, function(i, d) {
 			var indent = 0;
diff --git a/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.py b/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.py
index 620368f..14984fb 100644
--- a/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.py
+++ b/erpnext/accounts/page/chart_of_accounts/chart_of_accounts.py
@@ -4,9 +4,10 @@
 def get_chart():
 	company = webnotes.form_dict.get('company')
 	res = {}
-	res["chart"] = webnotes.conn.sql("""select name, parent_account, debit_or_credit from 
+	res["chart"] = webnotes.conn.sql("""select name, parent_account, debit_or_credit, is_pl_account from 
 		tabAccount where company=%s and docstatus < 2 order by lft""", (company, ))
-	res["gl"] = webnotes.conn.sql("""select posting_date, account, ifnull(debit, 0), ifnull(credit, 0)
+	res["gl"] = webnotes.conn.sql("""select posting_date, account, ifnull(debit, 0), 
+		ifnull(credit, 0), ifnull(is_opening, 'No')
 		from `tabGL Entry` where company=%s and ifnull(is_cancelled, "No") = "No" 
 		order by posting_date""", (company, ))
 	return res
@@ -23,8 +24,14 @@
 		if r["role"] in webnotes.user.roles and r["match"]=="company"))
 	
 	# if match == company is specified and companies are specified in user defaults
+	res = {}
 	if match and webnotes.user.get_defaults().get("company"):
-		return webnotes.user.get_defaults().get("company")
+		res["companies"] = webnotes.user.get_defaults().get("company")
 	else:
-		return [r[0] for r in webnotes.conn.sql("""select name from tabCompany
+		res["companies"] = [r[0] for r in webnotes.conn.sql("""select name from tabCompany
 			where docstatus!=2""")]
+	res["fiscal_years"] = webnotes.conn.sql("""select name, year_start_date, 
+		adddate(year_start_date, interval 1 year)
+		from `tabFiscal Year` where docstatus!=2 
+		order by year_start_date asc""")
+	return res
diff --git a/public/js/all-app.js b/public/js/all-app.js
index 7ab9092..0ae6190 100644
--- a/public/js/all-app.js
+++ b/public/js/all-app.js
@@ -856,7 +856,7 @@
   </div>').appendTo(this.$w);this.$w.find('.close').click(function(){window.history.back();})
 if(title)this.title(title);},title:function(txt){this.$titlebar.find('.appframe-title').html(txt);},add_button:function(label,click,icon){this.add_toolbar();args={label:label,icon:''};if(icon){args.icon='<i class="'+icon+'"></i>';}
 this.buttons[label]=$(repl('<button class="btn btn-small">\
-   %(icon)s %(label)s</button>',args)).click(click).appendTo(this.toolbar);return this.buttons[label];},clear_buttons:function(){this.toolbar.empty();},add_toolbar:function(){if(!this.toolbar)
+   %(icon)s %(label)s</button>',args)).click(click).appendTo(this.toolbar);return this.buttons[label];},clear_buttons:function(){this.toolbar&&this.toolbar.empty();},add_toolbar:function(){if(!this.toolbar)
 this.$w.append('<div class="appframe-toolbar"></div>');this.toolbar=this.$w.find('.appframe-toolbar');},add_select:function(label,options){this.add_toolbar();return $("<select style='width: 160px;'>").add_options(options).appendTo(this.add_label(label));},add_label:function(label){return $("<span style='margin-right: 12px;'>"+label+" </span>").appendTo(this.toolbar);},add_date:function(label,date){this.add_toolbar();return $("<input style='width: 80px;'>").datepicker({dateFormat:sys_defaults.date_format.replace("yyyy","yy"),changeYear:true,}).val(dateutil.str_to_user(date)||"").appendTo(this.add_label(label));},});wn.ui.make_app_page=function(opts){if(opts.single_column){$(opts.parent).html('<div class="layout-wrapper layout-wrapper-appframe">\
    <div class="layout-appframe"></div>\
    <div class="layout-main"></div>\
diff --git a/public/js/all-web.js b/public/js/all-web.js
index 33c47a2..911e6ab 100644
--- a/public/js/all-web.js
+++ b/public/js/all-web.js
@@ -515,7 +515,7 @@
   </div>').appendTo(this.$w);this.$w.find('.close').click(function(){window.history.back();})
 if(title)this.title(title);},title:function(txt){this.$titlebar.find('.appframe-title').html(txt);},add_button:function(label,click,icon){this.add_toolbar();args={label:label,icon:''};if(icon){args.icon='<i class="'+icon+'"></i>';}
 this.buttons[label]=$(repl('<button class="btn btn-small">\
-   %(icon)s %(label)s</button>',args)).click(click).appendTo(this.toolbar);return this.buttons[label];},clear_buttons:function(){this.toolbar.empty();},add_toolbar:function(){if(!this.toolbar)
+   %(icon)s %(label)s</button>',args)).click(click).appendTo(this.toolbar);return this.buttons[label];},clear_buttons:function(){this.toolbar&&this.toolbar.empty();},add_toolbar:function(){if(!this.toolbar)
 this.$w.append('<div class="appframe-toolbar"></div>');this.toolbar=this.$w.find('.appframe-toolbar');},add_select:function(label,options){this.add_toolbar();return $("<select style='width: 160px;'>").add_options(options).appendTo(this.add_label(label));},add_label:function(label){return $("<span style='margin-right: 12px;'>"+label+" </span>").appendTo(this.toolbar);},add_date:function(label,date){this.add_toolbar();return $("<input style='width: 80px;'>").datepicker({dateFormat:sys_defaults.date_format.replace("yyyy","yy"),changeYear:true,}).val(dateutil.str_to_user(date)||"").appendTo(this.add_label(label));},});wn.ui.make_app_page=function(opts){if(opts.single_column){$(opts.parent).html('<div class="layout-wrapper layout-wrapper-appframe">\
    <div class="layout-appframe"></div>\
    <div class="layout-main"></div>\