diff --git a/accounts/doctype/account/account.py b/accounts/doctype/account/account.py
index 45b02a8..2d49f0d 100644
--- a/accounts/doctype/account/account.py
+++ b/accounts/doctype/account/account.py
@@ -147,7 +147,7 @@
 
 	def get_authorized_user(self):
 		# Check logged-in user is authorized
-		if webnotes.conn.get_value('Global Defaults', None, 'credit_controller') \
+		if webnotes.conn.get_value('Accounts Settings', None, 'credit_controller') \
 				in webnotes.user.get_roles():
 			return 1
 			
diff --git a/accounts/doctype/accounts_settings/__init__.py b/accounts/doctype/accounts_settings/__init__.py
new file mode 100644
index 0000000..e69de29
--- /dev/null
+++ b/accounts/doctype/accounts_settings/__init__.py
diff --git a/accounts/doctype/accounts_settings/accounts_settings.py b/accounts/doctype/accounts_settings/accounts_settings.py
new file mode 100644
index 0000000..4b58048
--- /dev/null
+++ b/accounts/doctype/accounts_settings/accounts_settings.py
@@ -0,0 +1,23 @@
+# For license information, please see license.txt
+
+from __future__ import unicode_literals
+import webnotes
+
+class DocType:
+	def __init__(self, d, dl):
+		self.doc, self.doclist = d, dl
+
+	def validate(self):
+		self.make_adjustment_jv_for_auto_inventory()
+		
+	def make_adjustment_jv_for_auto_inventory(self):
+		previous_auto_inventory_accounting = cint(webnotes.conn.get_value("Accounts Settings", 
+			None, "auto_inventory_accounting"))
+		if cint(self.doc.auto_inventory_accounting) != previous_auto_inventory_accounting:
+			from accounts.utils import create_stock_in_hand_jv
+			create_stock_in_hand_jv(reverse = \
+				cint(self.doc.auto_inventory_accounting) < previous_auto_inventory_accounting)
+		
+	def on_update(self):
+		for key in ["auto_inventory_accounting"]:
+			webnotes.conn.set_default(key, self.doc.fields.get(key, ''))
diff --git a/accounts/doctype/accounts_settings/accounts_settings.txt b/accounts/doctype/accounts_settings/accounts_settings.txt
new file mode 100644
index 0000000..d10f639
--- /dev/null
+++ b/accounts/doctype/accounts_settings/accounts_settings.txt
@@ -0,0 +1,73 @@
+[
+ {
+  "creation": "2013-06-24 15:49:57", 
+  "docstatus": 0, 
+  "modified": "2013-06-24 16:12:29", 
+  "modified_by": "Administrator", 
+  "owner": "Administrator"
+ }, 
+ {
+  "description": "Settings for Accounts", 
+  "doctype": "DocType", 
+  "issingle": 1, 
+  "module": "Accounts", 
+  "name": "__common__"
+ }, 
+ {
+  "doctype": "DocField", 
+  "name": "__common__", 
+  "parent": "Accounts Settings", 
+  "parentfield": "fields", 
+  "parenttype": "DocType", 
+  "permlevel": 0
+ }, 
+ {
+  "create": 1, 
+  "doctype": "DocPerm", 
+  "name": "__common__", 
+  "parent": "Accounts Settings", 
+  "parentfield": "permissions", 
+  "parenttype": "DocType", 
+  "permlevel": 0, 
+  "read": 1, 
+  "role": "Accounts Manager", 
+  "write": 1
+ }, 
+ {
+  "doctype": "DocType", 
+  "name": "Accounts Settings"
+ }, 
+ {
+  "description": "If enabled, the system will post accounting entries for inventory automatically.", 
+  "doctype": "DocField", 
+  "fieldname": "auto_inventory_accounting", 
+  "fieldtype": "Check", 
+  "label": "Enable Auto Inventory Accounting"
+ }, 
+ {
+  "description": "Accounting entry frozen up to this date, nobody can do / modify entry except role specified below.", 
+  "doctype": "DocField", 
+  "fieldname": "acc_frozen_upto", 
+  "fieldtype": "Date", 
+  "label": "Accounts Frozen Upto"
+ }, 
+ {
+  "description": "Users with this role are allowed to do / modify accounting entry before frozen date", 
+  "doctype": "DocField", 
+  "fieldname": "bde_auth_role", 
+  "fieldtype": "Link", 
+  "label": "Allow Editing of Frozen Accounts For", 
+  "options": "Role"
+ }, 
+ {
+  "description": "Role that is allowed to submit transactions that exceed credit limits set.", 
+  "doctype": "DocField", 
+  "fieldname": "credit_controller", 
+  "fieldtype": "Link", 
+  "label": "Credit Controller", 
+  "options": "Role"
+ }, 
+ {
+  "doctype": "DocPerm"
+ }
+]
\ No newline at end of file
diff --git a/accounts/doctype/cost_center/test_cost_center.py b/accounts/doctype/cost_center/test_cost_center.py
index 1692d13..8500bd3 100644
--- a/accounts/doctype/cost_center/test_cost_center.py
+++ b/accounts/doctype/cost_center/test_cost_center.py
@@ -2,7 +2,7 @@
 	[{
 		"doctype": "Cost Center",
 		"cost_center_name": "_Test Cost Center",
-		"parent_cost_center": "Root - _TC",
+		"parent_cost_center": "_Test Company - _TC",
 		"company_name": "_Test Company",
 		"group_or_ledger": "Ledger"
 	}],
diff --git a/accounts/doctype/gl_entry/gl_entry.py b/accounts/doctype/gl_entry/gl_entry.py
index a2ef25a..d39155d 100644
--- a/accounts/doctype/gl_entry/gl_entry.py
+++ b/accounts/doctype/gl_entry/gl_entry.py
@@ -135,9 +135,9 @@
 			except authorized person
 		"""
 		if not adv_adj:
-			acc_frozen_upto = webnotes.conn.get_value('Global Defaults', None, 'acc_frozen_upto')
+			acc_frozen_upto = webnotes.conn.get_value('Accounts Settings', None, 'acc_frozen_upto')
 			if acc_frozen_upto:
-				bde_auth_role = webnotes.conn.get_value( 'Global Defaults', None,'bde_auth_role')
+				bde_auth_role = webnotes.conn.get_value( 'Accounts Settings', None,'bde_auth_role')
 				if getdate(self.doc.posting_date) <= getdate(acc_frozen_upto) \
 						and not bde_auth_role in webnotes.user.get_roles():
 					msgprint(_("You are not authorized to do/modify back dated entries before ") + 
diff --git a/accounts/page/accounts_home/accounts_home.js b/accounts/page/accounts_home/accounts_home.js
index 31660eb..a998818 100644
--- a/accounts/page/accounts_home/accounts_home.js
+++ b/accounts/page/accounts_home/accounts_home.js
@@ -85,6 +85,12 @@
 		icon: "icon-cog",
 		items: [
 			{
+				"label": wn._("Accounts Settings"),
+				"route": "Form/Accounts Settings",
+				"doctype":"Accounts Settings",
+				"description": "Settings for Accounts"
+			},
+			{
 				"label": wn._("Sales Taxes and Charges Master"),
 				"doctype":"Sales Taxes and Charges Master",
 				"description": wn._("Tax Template for Sales")
diff --git a/buying/doctype/purchase_common/purchase_common.py b/buying/doctype/purchase_common/purchase_common.py
index 4b5fe02..2d20e3c 100644
--- a/buying/doctype/purchase_common/purchase_common.py
+++ b/buying/doctype/purchase_common/purchase_common.py
@@ -307,7 +307,7 @@
 		tolerance = flt(webnotes.conn.get_value('Item',item_code,'tolerance') or 0)
 		
 		if not(tolerance):
-			tolerance = flt(webnotes.conn.get_value('Global Defaults',None,'tolerance') or 0)
+			tolerance = flt(webnotes.conn.get_value('Stock Settings',None,'tolerance') or 0)
 
 		if is_submit:
 			qty = qty + flt(curr_qty)
diff --git a/patches/june_2013/p09_update_global_defaults.py b/patches/june_2013/p09_update_global_defaults.py
new file mode 100644
index 0000000..d2aebb1
--- /dev/null
+++ b/patches/june_2013/p09_update_global_defaults.py
@@ -0,0 +1,31 @@
+import webnotes
+
+def execute():
+	from_global_defaults = {
+		"credit_controller": "Accounts Settings",
+		"auto_inventory_accounting": "Accounts Settings",
+		"acc_frozen_upto": "Accounts Settings",
+		"bde_auth_role": "Accounts Settings",
+		"auto_indent": "Stock Settings",
+		"reorder_email_notify": "Stock Settings",
+		"tolerance": "Stock Settings",
+		"stock_frozen_upto": "Stock Settings",
+		"stock_auth_role": "Stock Settings"
+	}
+	
+	from_defaults = {
+		"item_group": "Stock Settings",
+		"item_naming_by": "Stock Settings",
+		"stock_uom": "Stock Settings",
+		"valuation_method": "Stock Settings",
+		"allow_negative_stock": "Stock Settings"
+	}
+
+	for key in from_global_defaults:
+		webnotes.conn.set_value(from_global_defaults[key], None, key, 
+			webnotes.conn.get_value("Global Defaults", None, key))
+			
+	for key in from_defaults:
+		webnotes.conn.set_value(from_defaults[key], None, key, 
+			webnotes.conn.get_default(key))
+		
\ No newline at end of file
diff --git a/selling/doctype/sales_common/sales_common.py b/selling/doctype/sales_common/sales_common.py
index c524a92..7ba0bb4 100644
--- a/selling/doctype/sales_common/sales_common.py
+++ b/selling/doctype/sales_common/sales_common.py
@@ -457,7 +457,7 @@
 
 		if not tolerance:
 			if self.global_tolerance == None:
-				self.global_tolerance = flt(webnotes.conn.get_value('Global Defaults',None,'tolerance') or 0)
+				self.global_tolerance = flt(webnotes.conn.get_value('Stock Settings',None,'tolerance') or 0)
 			tolerance = self.global_tolerance
 		
 		self.tolerance[item_code] = tolerance
diff --git a/setup/doctype/company/company.py b/setup/doctype/company/company.py
index c5a5d49..64783a0 100644
--- a/setup/doctype/company/company.py
+++ b/setup/doctype/company/company.py
@@ -240,8 +240,7 @@
 			cc_bean.ignore_permissions = True
 			cc_bean.insert()
 			
-		webnotes.conn.set_value("Company", self.doc.name, "cost_center",
-			"Main - " + self.doc.abbr)
+		webnotes.conn.set(self.doc, "cost_center", "Main - " + self.doc.abbr)
 			
 	def on_update(self):
 		self.set_letter_head()
diff --git a/setup/doctype/global_defaults/global_defaults.js b/setup/doctype/global_defaults/global_defaults.js
index e8a174b..246bacf 100644
--- a/setup/doctype/global_defaults/global_defaults.js
+++ b/setup/doctype/global_defaults/global_defaults.js
@@ -27,8 +27,4 @@
 
 cur_frm.fields_dict['default_customer_group'].get_query = function(doc,cdt,cdn) {
 	return 'SELECT `tabCustomer Group`.`name`, `tabCustomer Group`.`parent_customer_group` FROM `tabCustomer Group` WHERE `tabCustomer Group`.`is_group` = "No" AND `tabCustomer Group`.`docstatus`!= 2 AND `tabCustomer Group`.%(key)s LIKE "%s" ORDER BY	`tabCustomer Group`.`name` ASC LIMIT 50';
-}
-
-cur_frm.fields_dict['default_item_group'].get_query = function(doc,cdt,cdn) {
-	return 'SELECT `tabItem Group`.`name`,`tabItem Group`.`parent_item_group` FROM `tabItem Group` WHERE `tabItem Group`.is_group="No" AND `tabItem Group`.docstatus != 2 AND `tabItem Group`.%(key)s LIKE "%s" LIMIT 50'
-}
+}
\ No newline at end of file
diff --git a/setup/doctype/global_defaults/global_defaults.py b/setup/doctype/global_defaults/global_defaults.py
index 2d28009..349bba5 100644
--- a/setup/doctype/global_defaults/global_defaults.py
+++ b/setup/doctype/global_defaults/global_defaults.py
@@ -29,38 +29,24 @@
 	'hide_currency_symbol':'hide_currency_symbol',
 	'price_list_name': 'default_price_list',
 	'price_list_currency': 'default_price_list_currency',
-	'item_group': 'default_item_group',
 	'customer_group': 'default_customer_group',
 	'cust_master_name': 'cust_master_name', 
-	"item_naming_by": "item_naming_by",
 	'supplier_type': 'default_supplier_type',
 	'supp_master_name': 'supp_master_name', 
 	'territory': 'default_territory',
-	'stock_uom': 'default_stock_uom',
-	'valuation_method': 'default_valuation_method',
 	'date_format': 'date_format',
 	'number_format': 'number_format',
 	'float_precision': 'float_precision',
 	'account_url':'account_url',
-	'allow_negative_stock' : 'allow_negative_stock',
 	'maintain_same_rate' : 'maintain_same_rate',
 	'session_expiry': 'session_expiry',
-	'disable_rounded_total': 'disable_rounded_total',
-	"auto_inventory_accounting": "auto_inventory_accounting",
+	'disable_rounded_total': 'disable_rounded_total'
 }
 
 class DocType:
 	def __init__(self, d, dl):
 		self.doc, self.doclist = d, dl
 		
-	def validate(self):
-		previous_auto_inventory_accounting = cint(webnotes.conn.get_value("Global Defaults", None,
-			"auto_inventory_accounting"))
-		if cint(self.doc.auto_inventory_accounting) != previous_auto_inventory_accounting:
-			from accounts.utils import create_stock_in_hand_jv
-			create_stock_in_hand_jv(reverse = \
-				cint(self.doc.auto_inventory_accounting) < previous_auto_inventory_accounting)
-
 	def on_update(self):
 		"""update defaults"""
 		self.validate_session_expiry()
diff --git a/setup/doctype/global_defaults/global_defaults.txt b/setup/doctype/global_defaults/global_defaults.txt
index 16954a0..7f17f16 100644
--- a/setup/doctype/global_defaults/global_defaults.txt
+++ b/setup/doctype/global_defaults/global_defaults.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-05-02 17:53:24", 
   "docstatus": 0, 
-  "modified": "2013-05-30 12:23:34", 
+  "modified": "2013-06-24 17:07:55", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -24,9 +24,12 @@
   "parent": "Global Defaults", 
   "parentfield": "fields", 
   "parenttype": "DocType", 
-  "permlevel": 0
+  "permlevel": 0, 
+  "read_only": 0
  }, 
  {
+  "amend": 0, 
+  "cancel": 0, 
   "create": 1, 
   "doctype": "DocPerm", 
   "name": "__common__", 
@@ -48,22 +51,19 @@
   "doctype": "DocField", 
   "fieldname": "general", 
   "fieldtype": "Section Break", 
-  "label": "General", 
-  "read_only": 0
+  "label": "General"
  }, 
  {
   "description": "Session Expiry in Hours e.g. 06:00", 
   "doctype": "DocField", 
   "fieldname": "session_expiry", 
   "fieldtype": "Data", 
-  "label": "Session Expiry", 
-  "read_only": 0
+  "label": "Session Expiry"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "column_break_3", 
-  "fieldtype": "Column Break", 
-  "read_only": 0
+  "fieldtype": "Column Break"
  }, 
  {
   "description": "For Server Side Print Formats", 
@@ -71,15 +71,13 @@
   "fieldname": "print_style", 
   "fieldtype": "Select", 
   "label": "Print Format Style", 
-  "options": "Standard\nClassic\nModern\nSpartan", 
-  "read_only": 0
+  "options": "Standard\nClassic\nModern\nSpartan"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "company", 
   "fieldtype": "Section Break", 
-  "label": "Company", 
-  "read_only": 0
+  "label": "Company"
  }, 
  {
   "doctype": "DocField", 
@@ -87,7 +85,6 @@
   "fieldtype": "Link", 
   "label": "Default Company", 
   "options": "Company", 
-  "read_only": 0, 
   "reqd": 0
  }, 
  {
@@ -96,7 +93,6 @@
   "fieldtype": "Link", 
   "label": "Current Fiscal Year", 
   "options": "Fiscal Year", 
-  "read_only": 0, 
   "reqd": 1
  }, 
  {
@@ -104,14 +100,12 @@
   "fieldname": "date_format", 
   "fieldtype": "Select", 
   "label": "Date Format", 
-  "options": "yyyy-mm-dd\ndd-mm-yyyy\ndd/mm/yyyy\nmm/dd/yyyy\nmm-dd-yyyy", 
-  "read_only": 0
+  "options": "yyyy-mm-dd\ndd-mm-yyyy\ndd/mm/yyyy\nmm/dd/yyyy\nmm-dd-yyyy"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "column_break1", 
   "fieldtype": "Column Break", 
-  "read_only": 0, 
   "width": "50%"
  }, 
  {
@@ -120,8 +114,7 @@
   "fieldname": "hide_currency_symbol", 
   "fieldtype": "Select", 
   "label": "Hide Currency Symbol", 
-  "options": "\nNo\nYes", 
-  "read_only": 0
+  "options": "\nNo\nYes"
  }, 
  {
   "default": "INR", 
@@ -130,7 +123,6 @@
   "fieldtype": "Link", 
   "label": "Default Currency", 
   "options": "Currency", 
-  "read_only": 0, 
   "reqd": 1
  }, 
  {
@@ -139,8 +131,7 @@
   "fieldname": "number_format", 
   "fieldtype": "Select", 
   "label": "Number Format", 
-  "options": "\n#,###.##\n#.###,##\n# ###.##\n#,###.###\n#,##,###.##\n#.###\n#,###", 
-  "read_only": 0
+  "options": "\n#,###.##\n#.###,##\n# ###.##\n#,###.###\n#,##,###.##\n#.###\n#,###"
  }, 
  {
   "description": "Precision for Float fields (quantities, discounts, percentages etc) only for display. Floats will still be calculated up to 6 decimals.", 
@@ -148,196 +139,13 @@
   "fieldname": "float_precision", 
   "fieldtype": "Select", 
   "label": "Float Precision", 
-  "options": "\n2\n3\n4\n5\n6", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "stock", 
-  "fieldtype": "Section Break", 
-  "label": "Stock", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "column_break2", 
-  "fieldtype": "Column Break", 
-  "read_only": 0, 
-  "width": "50%"
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "item_naming_by", 
-  "fieldtype": "Select", 
-  "label": "Item Naming By", 
-  "options": "Item Code\nNaming Series", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "default_item_group", 
-  "fieldtype": "Link", 
-  "label": "Default Item Group", 
-  "options": "Item Group", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "ighelp", 
-  "fieldtype": "HTML", 
-  "label": "IGHelp", 
-  "options": "<a href=\"#!Sales Browser/Item Group\">To manage Item Groups, click here</a>", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "default_stock_uom", 
-  "fieldtype": "Link", 
-  "label": "Default Stock UOM", 
-  "options": "UOM", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "default_valuation_method", 
-  "fieldtype": "Select", 
-  "label": "Default Valuation Method", 
-  "options": "FIFO\nMoving Average", 
-  "read_only": 0
- }, 
- {
-  "description": "Applicable only if valuation method is moving average", 
-  "doctype": "DocField", 
-  "fieldname": "allow_negative_stock", 
-  "fieldtype": "Check", 
-  "label": "Allow Negative Stock", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "auto_indent", 
-  "fieldtype": "Check", 
-  "label": "Raise Material Request when stock reaches re-order level", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "reorder_email_notify", 
-  "fieldtype": "Check", 
-  "label": "Notify by Email on creation of automatic Material Request"
- }, 
- {
-  "default": "Hourly", 
-  "doctype": "DocField", 
-  "fieldname": "reorder_level_checking_frequency", 
-  "fieldtype": "Select", 
-  "hidden": 1, 
-  "label": "Reorder Level Checking Frequency", 
-  "options": "Hourly\nDaily"
- }, 
- {
-  "default": "1", 
-  "doctype": "DocField", 
-  "fieldname": "column_break3", 
-  "fieldtype": "Column Break", 
-  "read_only": 0, 
-  "width": "50%"
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "default_warehouse_type", 
-  "fieldtype": "Link", 
-  "label": "Default Warehouse Type", 
-  "options": "Warehouse Type", 
-  "read_only": 0
- }, 
- {
-  "description": "Percentage you are allowed to receive or deliver more against the quantity ordered. <p>For example: If you have ordered 100 units. and your Allowance is 10% then you are allowed to receive 110 units</p>", 
-  "doctype": "DocField", 
-  "fieldname": "tolerance", 
-  "fieldtype": "Float", 
-  "label": "Allowance Percent", 
-  "read_only": 0
- }, 
- {
-  "description": "Stock level frozen up to this date, nobody can do / modify entry except authorized person", 
-  "doctype": "DocField", 
-  "fieldname": "stock_frozen_upto", 
-  "fieldtype": "Date", 
-  "label": "Stock Frozen Upto", 
-  "read_only": 0
- }, 
- {
-  "description": "Users with this role are allowed to do / modify stock entry before frozen date", 
-  "doctype": "DocField", 
-  "fieldname": "stock_auth_role", 
-  "fieldtype": "Link", 
-  "label": "Authorized Role (Frozen Entry)", 
-  "options": "Role", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "accounts", 
-  "fieldtype": "Section Break", 
-  "label": "Accounts", 
-  "read_only": 0
- }, 
- {
-  "description": "If enabled, the system will post accounting entries for inventory automatically", 
-  "doctype": "DocField", 
-  "fieldname": "auto_inventory_accounting", 
-  "fieldtype": "Check", 
-  "label": "Auto Inventory Accounting", 
-  "no_copy": 0, 
-  "print_hide": 1, 
-  "read_only": 0
- }, 
- {
-  "description": "Accounting entry frozen up to this date, nobody can do / modify entry except authorized person", 
-  "doctype": "DocField", 
-  "fieldname": "acc_frozen_upto", 
-  "fieldtype": "Date", 
-  "label": "Accounts Frozen Upto", 
-  "read_only": 0
- }, 
- {
-  "description": "Users with this role are allowed to do / modify accounting entry before frozen date", 
-  "doctype": "DocField", 
-  "fieldname": "bde_auth_role", 
-  "fieldtype": "Link", 
-  "label": "Authourized Role (Frozen Entry)", 
-  "options": "Role", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "credit_controller", 
-  "fieldtype": "Link", 
-  "label": "Credit Controller", 
-  "options": "Role", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "column_break4", 
-  "fieldtype": "Column Break", 
-  "read_only": 0
- }, 
- {
-  "doctype": "DocField", 
-  "fieldname": "account_info", 
-  "fieldtype": "HTML", 
-  "label": "Account Info", 
-  "options": "<div class=\"help-box\">For more accounting defaults, Open <a href=\"#!List/Company\">Company</a></div>", 
-  "read_only": 0
+  "options": "\n2\n3\n4\n5\n6"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "selling", 
   "fieldtype": "Section Break", 
-  "label": "Selling", 
-  "read_only": 0
+  "label": "Selling"
  }, 
  {
   "default": "Customer Name", 
@@ -345,46 +153,40 @@
   "fieldname": "cust_master_name", 
   "fieldtype": "Select", 
   "label": "Customer Master created by ", 
-  "options": "Customer Name\nNaming Series", 
-  "read_only": 0
+  "options": "Customer Name\nNaming Series"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "default_customer_group", 
   "fieldtype": "Link", 
   "label": "Default Customer Group", 
-  "options": "Customer Group", 
-  "read_only": 0
+  "options": "Customer Group"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "cghelp", 
   "fieldtype": "HTML", 
   "label": "CGHelp", 
-  "options": "<a href=\"#!Sales Browser/Customer Group\">To manage Customer Groups, click here</a>", 
-  "read_only": 0
+  "options": "<a href=\"#!Sales Browser/Customer Group\">To manage Customer Groups, click here</a>"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "default_territory", 
   "fieldtype": "Link", 
   "label": "Default Territory", 
-  "options": "Territory", 
-  "read_only": 0
+  "options": "Territory"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "territoryhelp", 
   "fieldtype": "HTML", 
   "label": "TerritoryHelp", 
-  "options": "<a href=\"#!Sales Browser/Territory\">To manage Territory, click here</a>", 
-  "read_only": 0
+  "options": "<a href=\"#!Sales Browser/Territory\">To manage Territory, click here</a>"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "column_break5", 
   "fieldtype": "Column Break", 
-  "read_only": 0, 
   "width": "50%"
  }, 
  {
@@ -392,16 +194,14 @@
   "fieldname": "default_price_list", 
   "fieldtype": "Link", 
   "label": "Default Price List", 
-  "options": "Price List", 
-  "read_only": 0
+  "options": "Price List"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "default_price_list_currency", 
   "fieldtype": "Link", 
   "label": "Default Price List Currency", 
-  "options": "Currency", 
-  "read_only": 0
+  "options": "Currency"
  }, 
  {
   "default": "No", 
@@ -409,8 +209,7 @@
   "fieldname": "so_required", 
   "fieldtype": "Select", 
   "label": "Sales Order Required", 
-  "options": "No\nYes", 
-  "read_only": 0
+  "options": "No\nYes"
  }, 
  {
   "default": "No", 
@@ -418,31 +217,27 @@
   "fieldname": "dn_required", 
   "fieldtype": "Select", 
   "label": "Delivery Note Required", 
-  "options": "No\nYes", 
-  "read_only": 0
+  "options": "No\nYes"
  }, 
  {
   "description": "If disable, 'Rounded Total' field will not be visible in any transaction", 
   "doctype": "DocField", 
   "fieldname": "disable_rounded_total", 
   "fieldtype": "Check", 
-  "label": "Disable Rounded Total", 
-  "read_only": 0
+  "label": "Disable Rounded Total"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "buying", 
   "fieldtype": "Section Break", 
-  "label": "Buying", 
-  "read_only": 0
+  "label": "Buying"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "default_supplier_type", 
   "fieldtype": "Link", 
   "label": "Default Supplier Type", 
-  "options": "Supplier Type", 
-  "read_only": 0
+  "options": "Supplier Type"
  }, 
  {
   "default": "Supplier Name", 
@@ -450,14 +245,12 @@
   "fieldname": "supp_master_name", 
   "fieldtype": "Select", 
   "label": "Supplier Master created by ", 
-  "options": "Supplier Name\nNaming Series", 
-  "read_only": 0
+  "options": "Supplier Name\nNaming Series"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "column_break6", 
   "fieldtype": "Column Break", 
-  "read_only": 0, 
   "width": "50%"
  }, 
  {
@@ -466,8 +259,7 @@
   "fieldname": "po_required", 
   "fieldtype": "Select", 
   "label": "Purchase Order Required", 
-  "options": "No\nYes", 
-  "read_only": 0
+  "options": "No\nYes"
  }, 
  {
   "default": "No", 
@@ -475,23 +267,20 @@
   "fieldname": "pr_required", 
   "fieldtype": "Select", 
   "label": "Purchase Receipt Required", 
-  "options": "No\nYes", 
-  "read_only": 0
+  "options": "No\nYes"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "maintain_same_rate", 
   "fieldtype": "Check", 
-  "label": "Maintain same rate throughout purchase cycle", 
-  "read_only": 0
+  "label": "Maintain same rate throughout purchase cycle"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "hr", 
   "fieldtype": "Section Break", 
   "label": "HR", 
-  "options": "<div style=\"padding-top: 8px;\" class=\"columnHeading\">HR</div>", 
-  "read_only": 0
+  "options": "<div style=\"padding-top: 8px;\" class=\"columnHeading\">HR</div>"
  }, 
  {
   "description": "Employee record is created using selected field. ", 
@@ -499,27 +288,19 @@
   "fieldname": "emp_created_by", 
   "fieldtype": "Select", 
   "label": "Employee Records to be created by ", 
-  "options": "Naming Series\nEmployee Number", 
-  "read_only": 0
+  "options": "Naming Series\nEmployee Number"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "system", 
   "fieldtype": "Section Break", 
-  "label": "System", 
-  "read_only": 0
+  "label": "System"
  }, 
  {
   "doctype": "DocField", 
   "fieldname": "sms_sender_name", 
   "fieldtype": "Data", 
-  "label": "SMS Sender Name", 
-  "read_only": 0
- }, 
- {
-  "amend": 0, 
-  "cancel": 0, 
-  "doctype": "DocPerm"
+  "label": "SMS Sender Name"
  }, 
  {
   "doctype": "DocPerm"
diff --git a/setup/doctype/price_list/test_price_list.py b/setup/doctype/price_list/test_price_list.py
index f776972..68d9a35 100644
--- a/setup/doctype/price_list/test_price_list.py
+++ b/setup/doctype/price_list/test_price_list.py
@@ -3,8 +3,6 @@
 		"doctype": "Price List",
 		"price_list_name": "_Test Price List",
 		"currency": "INR",
-		"valid_for_all_countries": 1,
-		"buying_or_selling": "Selling",
-		"conversion_rate": 1.0
+		"buying_or_selling": "Selling"
 	}]
 ]
\ No newline at end of file
diff --git a/setup/doctype/setup_control/setup_control.py b/setup/doctype/setup_control/setup_control.py
index 098417f..ebb528f 100644
--- a/setup/doctype/setup_control/setup_control.py
+++ b/setup/doctype/setup_control/setup_control.py
@@ -69,7 +69,6 @@
 			'current_fiscal_year':curr_fiscal_year,
 			'default_currency': args.get('currency'),
 			'default_company':args.get('company_name'),
-			'default_valuation_method':'FIFO',
 			'default_stock_uom':'Nos',
 			'date_format': webnotes.conn.get_value("Country", 
 				args.get("country"), "date_format"),
@@ -85,6 +84,16 @@
 		# Set 
 		self.set_defaults(def_args)
 		
+		webnotes.conn.set_value("Accounts Settings", None, "auto_inventory_accounting", 1)
+		webnotes.conn.set_default("auto_inventory_accounting", 1)
+
+		stock_settings = webnotes.bean("Stock Settings")
+		stock_settings.doc.item_naming_by = "Item Code"
+		stock_settings.doc.valuation_method = "FIFO"
+		stock_settings.doc.stock_uom = "Nos"
+		stock_settings.doc.auto_indent = 1
+		stock_settings.save()
+		
 		cp_args = {}
 		for k in ['industry', 'country', 'timezone', 'company_name']:
 			cp_args[k] = args[k]
diff --git a/stock/doctype/stock_entry/test_stock_entry.py b/stock/doctype/stock_entry/test_stock_entry.py
index 11811ba..345e73c 100644
--- a/stock/doctype/stock_entry/test_stock_entry.py
+++ b/stock/doctype/stock_entry/test_stock_entry.py
@@ -11,7 +11,7 @@
 		webnotes.conn.sql("""delete from `tabMaterial Request`""")
 		self._clear_stock()
 		
-		webnotes.conn.set_value("Global Defaults", None, "auto_indent", True)
+		webnotes.conn.set_value("Stock Settings", None, "auto_indent", True)
 
 		st1 = webnotes.bean(copy=test_records[0])
 		st1.insert()
diff --git a/stock/doctype/stock_ledger_entry/stock_ledger_entry.py b/stock/doctype/stock_ledger_entry/stock_ledger_entry.py
index 4262113..3cde2e2 100644
--- a/stock/doctype/stock_ledger_entry/stock_ledger_entry.py
+++ b/stock/doctype/stock_ledger_entry/stock_ledger_entry.py
@@ -110,9 +110,9 @@
 	# Nobody can do SL Entries where posting date is before freezing date except authorized person
 	#----------------------------------------------------------------------------------------------
 	def check_stock_frozen_date(self):
-		stock_frozen_upto = webnotes.conn.get_value('Global Defaults', None, 'stock_frozen_upto') or ''
+		stock_frozen_upto = webnotes.conn.get_value('Stock Settings', None, 'stock_frozen_upto') or ''
 		if stock_frozen_upto:
-			stock_auth_role = webnotes.conn.get_value('Global Defaults', None,'stock_auth_role')
+			stock_auth_role = webnotes.conn.get_value('Stock Settings', None,'stock_auth_role')
 			if getdate(self.doc.posting_date) <= getdate(stock_frozen_upto) and not stock_auth_role in webnotes.user.get_roles():
 				msgprint("You are not authorized to do / modify back dated stock entries before %s" % getdate(stock_frozen_upto).strftime('%d-%m-%Y'), raise_exception=1)
 
diff --git a/stock/doctype/stock_settings/__init__.py b/stock/doctype/stock_settings/__init__.py
new file mode 100644
index 0000000..e69de29
--- /dev/null
+++ b/stock/doctype/stock_settings/__init__.py
diff --git a/stock/doctype/stock_settings/stock_settings.py b/stock/doctype/stock_settings/stock_settings.py
new file mode 100644
index 0000000..f19c8fc
--- /dev/null
+++ b/stock/doctype/stock_settings/stock_settings.py
@@ -0,0 +1,13 @@
+# For license information, please see license.txt
+
+from __future__ import unicode_literals
+import webnotes
+
+class DocType:
+	def __init__(self, d, dl):
+		self.doc, self.doclist = d, dl
+	
+	def validate(self):
+		for key in ["item_naming_by", "item_group", "stock_uom", 
+			"allow_negative_stock"]:
+			webnotes.conn.set_default(key, self.doc.fields.get(key, ""))
diff --git a/stock/doctype/stock_settings/stock_settings.txt b/stock/doctype/stock_settings/stock_settings.txt
new file mode 100644
index 0000000..36b298a
--- /dev/null
+++ b/stock/doctype/stock_settings/stock_settings.txt
@@ -0,0 +1,127 @@
+[
+ {
+  "creation": "2013-06-24 16:37:54", 
+  "docstatus": 0, 
+  "modified": "2013-06-24 17:41:02", 
+  "modified_by": "Administrator", 
+  "owner": "Administrator"
+ }, 
+ {
+  "description": "Settings", 
+  "doctype": "DocType", 
+  "issingle": 1, 
+  "module": "Stock", 
+  "name": "__common__"
+ }, 
+ {
+  "doctype": "DocField", 
+  "name": "__common__", 
+  "parent": "Stock Settings", 
+  "parentfield": "fields", 
+  "parenttype": "DocType", 
+  "permlevel": 0
+ }, 
+ {
+  "create": 1, 
+  "doctype": "DocPerm", 
+  "name": "__common__", 
+  "parent": "Stock Settings", 
+  "parentfield": "permissions", 
+  "parenttype": "DocType", 
+  "permlevel": 0, 
+  "read": 1, 
+  "role": "Material Manager", 
+  "write": 1
+ }, 
+ {
+  "doctype": "DocType", 
+  "name": "Stock Settings"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "item_naming_by", 
+  "fieldtype": "Select", 
+  "label": "Item Naming By", 
+  "options": "Item Code\nNaming Series"
+ }, 
+ {
+  "description": "<a href=\"#Sales Browser/Item Group\">Manage Item Groups</a>", 
+  "doctype": "DocField", 
+  "fieldname": "item_group", 
+  "fieldtype": "Link", 
+  "label": "Default Item Group", 
+  "options": "Item Group"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "stock_uom", 
+  "fieldtype": "Link", 
+  "label": "Default Stock UOM", 
+  "options": "UOM"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "column_break_4", 
+  "fieldtype": "Column Break"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "allow_negative_stock", 
+  "fieldtype": "Check", 
+  "label": "Allow Negative Stock"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "valuation_method", 
+  "fieldtype": "Select", 
+  "label": "Default Valuation Method", 
+  "options": "FIFO\nMoving Average"
+ }, 
+ {
+  "description": "Percentage you are allowed to receive or deliver more against the quantity ordered. For example: If you have ordered 100 units. and your Allowance is 10% then you are allowed to receive 110 units.", 
+  "doctype": "DocField", 
+  "fieldname": "tolerance", 
+  "fieldtype": "Float", 
+  "label": "Allowance Percent"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "auto_material_request", 
+  "fieldtype": "Section Break", 
+  "label": "Auto Material Request"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "auto_indent", 
+  "fieldtype": "Check", 
+  "label": "Raise Material Request when stock reaches re-order level"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "reorder_email_notify", 
+  "fieldtype": "Check", 
+  "label": "Notify by Email on creation of automatic Material Request"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "freeze_stock_entries", 
+  "fieldtype": "Section Break", 
+  "label": "Freeze Stock Entries"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "stock_frozen_upto", 
+  "fieldtype": "Date", 
+  "label": "Stock Frozen Upto"
+ }, 
+ {
+  "doctype": "DocField", 
+  "fieldname": "stock_auth_role", 
+  "fieldtype": "Link", 
+  "label": "Role Allowed to edit frozen stock", 
+  "options": "Role"
+ }, 
+ {
+  "doctype": "DocPerm"
+ }
+]
\ No newline at end of file
diff --git a/stock/page/stock_home/stock_home.js b/stock/page/stock_home/stock_home.js
index 1c0acd4..3b6af03 100644
--- a/stock/page/stock_home/stock_home.js
+++ b/stock/page/stock_home/stock_home.js
@@ -102,6 +102,12 @@
 		icon: "icon-cog",
 		items: [
 			{
+				"label": wn._("Stock Settings"),
+				"route": "Form/Stock Settings",
+				"doctype":"Stock Settings",
+				"description": "Settings for Stock"
+			},
+			{
 				"route":"Sales Browser/Item Group",
 				"label": wn._("Item Group"),
 				"description": wn._("Item classification.")
diff --git a/stock/utils.py b/stock/utils.py
index 53ad69b..942c200 100644
--- a/stock/utils.py
+++ b/stock/utils.py
@@ -201,7 +201,7 @@
 def reorder_item():
 	""" Reorder item if stock reaches reorder level"""
 	if not hasattr(webnotes, "auto_indent"):
-		webnotes.auto_indent = webnotes.conn.get_value('Global Defaults', None, 'auto_indent')
+		webnotes.auto_indent = webnotes.conn.get_value('Stock Settings', None, 'auto_indent')
 
 	if webnotes.auto_indent:
 		material_requests = {}
@@ -297,7 +297,7 @@
 
 	if mr_list:
 		if not hasattr(webnotes, "reorder_email_notify"):
-			webnotes.reorder_email_notify = webnotes.conn.get_value('Global Defaults', None, 
+			webnotes.reorder_email_notify = webnotes.conn.get_value('Stock Settings', None, 
 				'reorder_email_notify')
 			
 		if(webnotes.reorder_email_notify):