diff --git a/erpnext/accounts/doctype/account/account.json b/erpnext/accounts/doctype/account/account.json
index 77eaf65..fa737a7 100644
--- a/erpnext/accounts/doctype/account/account.json
+++ b/erpnext/accounts/doctype/account/account.json
@@ -101,7 +101,7 @@
    "label": "Account Type", 
    "oldfieldname": "account_type", 
    "oldfieldtype": "Select", 
-   "options": "\nBank\nCash\nTax\nChargeable\nWarehouse\nReceivable\nPayable\nEquity\nFixed Asset\nCost of Goods Sold\nExpense Account\nIncome Account\nStock Received But Not Billed\nExpenses Included In Valuation\nStock Adjustment\nStock\nTemporary", 
+   "options": "\nBank\nCash\nTax\nChargeable\nWarehouse\nReceivable\nPayable\nEquity\nFixed Asset\nCost of Goods Sold\nExpense Account\nRound Off\nIncome Account\nStock Received But Not Billed\nExpenses Included In Valuation\nStock Adjustment\nStock\nTemporary", 
    "permlevel": 0, 
    "search_index": 0
   }, 
@@ -171,7 +171,7 @@
  "icon": "icon-money", 
  "idx": 1, 
  "in_create": 0, 
- "modified": "2015-04-27 20:07:37.147184", 
+ "modified": "2015-05-28 14:10:40.606010", 
  "modified_by": "Administrator", 
  "module": "Accounts", 
  "name": "Account", 
diff --git a/erpnext/accounts/doctype/account/chart_of_accounts/verified/standard_chart_of_accounts.py b/erpnext/accounts/doctype/account/chart_of_accounts/verified/standard_chart_of_accounts.py
index dd3c067..481ada8 100644
--- a/erpnext/accounts/doctype/account/chart_of_accounts/verified/standard_chart_of_accounts.py
+++ b/erpnext/accounts/doctype/account/chart_of_accounts/verified/standard_chart_of_accounts.py
@@ -117,8 +117,8 @@
 	            _("Print and Stationary"): {
 	                "account_type": "Expense Account"
 	            },
-	            _("Rounded Off"): {
-	                "account_type": "Expense Account"
+	            _("Round Off"): {
+	                "account_type": "Round Off"
 	            },
 	            _("Salary"): {
 	                "account_type": "Expense Account"
diff --git a/erpnext/accounts/doctype/gl_entry/test_gl_entry.py b/erpnext/accounts/doctype/gl_entry/test_gl_entry.py
new file mode 100644
index 0000000..383409c
--- /dev/null
+++ b/erpnext/accounts/doctype/gl_entry/test_gl_entry.py
@@ -0,0 +1,25 @@
+# Copyright (c) 2015, Frappe Technologies Pvt. Ltd. and Contributors
+# License: GNU General Public License v3. See license.txt
+
+from __future__ import unicode_literals
+import frappe, unittest
+from erpnext.accounts.doctype.journal_entry.test_journal_entry import make_journal_entry
+
+class TestGLEntry(unittest.TestCase):
+	def test_round_off_entry(self):
+		frappe.db.set_value("Company", "_Test Company", "round_off_account", "_Test Write Off - _TC")
+		frappe.db.set_value("Company", "_Test Company", "round_off_cost_center", "_Test Cost Center - _TC")
+		
+		jv = make_journal_entry("_Test Account Cost for Goods Sold - _TC", 
+			"_Test Account Bank Account - _TC", 100, "_Test Cost Center - _TC", submit=False)
+			
+		jv.get("accounts")[0].debit = 100.01
+		jv.flags.ignore_validate = True
+		jv.submit()
+		
+		round_off_entry = frappe.db.sql("""select name from `tabGL Entry`
+			where voucher_type='Journal Entry' and voucher_no = %s 
+			and account='_Test Write Off - _TC' and cost_center='_Test Cost Center - _TC'
+			and ifnull(debit, 0) = 0 and ifnull(credit, 0) = '.01'""", jv.name)
+			
+		self.assertTrue(round_off_entry)
\ No newline at end of file
diff --git a/erpnext/accounts/general_ledger.py b/erpnext/accounts/general_ledger.py
index 0b0da30..76b5309 100644
--- a/erpnext/accounts/general_ledger.py
+++ b/erpnext/accounts/general_ledger.py
@@ -5,7 +5,6 @@
 import frappe
 from frappe.utils import flt, cstr
 from frappe import _
-import copy
 from frappe.model.meta import get_field_precision
 from erpnext.accounts.utils import validate_expense_against_budget
 
@@ -88,7 +87,8 @@
 
 		for entry in gl_map:
 			if entry.account in aii_accounts:
-				frappe.throw(_("Account: {0} can only be updated via Stock Transactions").format(entry.account), StockAccountInvalidTransaction)
+				frappe.throw(_("Account: {0} can only be updated via Stock Transactions")
+					.format(entry.account), StockAccountInvalidTransaction)
 
 def round_off_debit_credit(gl_map):
 	precision = get_field_precision(frappe.get_meta("GL Entry").get_field("debit"),
@@ -101,6 +101,7 @@
 		debit_credit_diff += entry.debit - entry.credit
 	
 	debit_credit_diff = flt(debit_credit_diff, precision)
+	print debit_credit_diff, 1.0 / (10**precision)
 	if abs(debit_credit_diff) >= (2.0 / (10**precision)):
 		frappe.throw(_("Debit and Credit not equal for {0} #{1}. Difference is {2}.")
 			.format(gl_map[0].voucher_type, gl_map[0].voucher_no, debit_credit_diff))
@@ -117,7 +118,12 @@
 	if not round_off_cost_center:
 		frappe.throw(_("Please mention Round Off Cost Center in Company"))
 		
-	round_off_gle = copy.deepcopy(gl_map[0])
+	
+	round_off_gle = frappe._dict()
+	for k in ["voucher_type", "voucher_no", "company", 
+		"posting_date", "remarks", "fiscal_year", "is_opening"]:
+			round_off_gle[k] = gl_map[0][k]
+	
 	round_off_gle.update({
 		"account": round_off_account,
 		"debit": abs(debit_credit_diff) if debit_credit_diff < 0 else 0,
@@ -128,6 +134,7 @@
 		"against_voucher_type": None,
 		"against_voucher": None
 	})
+	
 	gl_map.append(round_off_gle)
 
 
diff --git a/erpnext/change_log/current/round_off_gl_entry.md b/erpnext/change_log/current/round_off_gl_entry.md
new file mode 100644
index 0000000..9d865c3
--- /dev/null
+++ b/erpnext/change_log/current/round_off_gl_entry.md
@@ -0,0 +1,2 @@
+- Introduce `Round Off` account to book rounding loss automatically 
+- Added 2 new fields 'Round Off Account' and 'Round Off Cost Center' in Company
diff --git a/erpnext/setup/doctype/company/company.js b/erpnext/setup/doctype/company/company.js
index 8f28310..2c9d4f5 100644
--- a/erpnext/setup/doctype/company/company.js
+++ b/erpnext/setup/doctype/company/company.js
@@ -4,6 +4,10 @@
 frappe.provide("erpnext.company");
 
 frappe.ui.form.on("Company", {
+	onload: function(frm) {
+		erpnext.company.setup_queries(frm);
+	}, 
+	
 	onload_post_render: function(frm) {
 		frm.get_field("delete_company_transactions").$input.addClass("btn-danger");
 	},
@@ -114,98 +118,44 @@
 	dialog.show();
 }
 
-cur_frm.fields_dict.default_bank_account.get_query = function(doc) {
-	return{
-		filters: [
-			['Account', 'account_type', '=', 'Bank'],
-			['Account', 'is_group', '=', 0],
-			['Account', 'company', '=', doc.name]
-		]
+erpnext.company.setup_queries = function(frm) {
+	$.each([
+		["default_bank_account", {"account_type": "Bank"}], 
+		["default_cash_account", {"account_type": "Cash"}], 
+		["default_receivable_account", {"account_type": "Receivable"}], 
+		["default_payable_account", {"account_type": "Payable"}], 
+		["default_expense_account", {"report_type": "Profit and Loss"}], 
+		["default_income_account", {"report_type": "Profit and Loss"}], 
+		["round_off_account", {"account_type": "Profit and Loss"}],
+		["cost_center", {}],
+		["round_off_cost_center", {}]
+	], function(i, v) {
+		erpnext.company.set_custom_query(frm, v);
+	});
+	
+	if (sys_defaults.auto_accounting_for_stock) {
+		$.each([
+			["stock_adjustment_account", {"report_type": "Profit and Loss"}], 
+			["expenses_included_in_valuation", {"report_type": "Profit and Loss"}],
+			["stock_received_but_not_billed", {"report_type": "Balance Sheet"}]
+		], function(i, v) {
+			erpnext.company.set_custom_query(frm, v);
+		});
 	}
 }
 
-cur_frm.fields_dict.default_cash_account.get_query = function(doc) {
-	return{
-		filters: [
-			['Account', 'account_type', '=', 'Cash'],
-			['Account', 'is_group', '=', 0],
-			['Account', 'company', '=', doc.name]
-		]
-	}
-}
-
-cur_frm.fields_dict.default_receivable_account.get_query = function(doc) {
-	return{
-		filters:{
-			'company': doc.name,
-			"is_group": 0,
-			"account_type": "Receivable"
-		}
-	}
-}
-
-cur_frm.fields_dict.default_payable_account.get_query = function(doc) {
-	return{
-		filters:{
-			'company': doc.name,
-			"is_group": 0,
-			"account_type": "Payable"
-		}
-	}
-}
-
-
-
-cur_frm.fields_dict.default_expense_account.get_query = function(doc) {
-	return{
-		filters:{
-			'company': doc.name,
-			"is_group": 0,
-			"report_type": "Profit and Loss"
-		}
-	}
-}
-
-cur_frm.fields_dict.default_income_account.get_query = function(doc) {
-	return{
-		filters:{
-			'company': doc.name,
-			"is_group": 0,
-			"report_type": "Profit and Loss"
-		}
-	}
-}
-
-cur_frm.fields_dict.cost_center.get_query = function(doc) {
-	return{
-		filters:{
-			'company': doc.name,
-			"is_group": 0,
-		}
-	}
-}
-
-if (sys_defaults.auto_accounting_for_stock) {
-	cur_frm.fields_dict["stock_adjustment_account"].get_query = function(doc) {
+erpnext.company.set_custom_query = function(frm, v) {
+	var filters = {
+		"company": frm.doc.company,
+		"is_group": 0
+	};
+	
+	for (var key in v[1]) 
+		filters[key] = v[1][key];
+	
+	frm.set_query(v[0], function() {
 		return {
-			"filters": {
-				"report_type": "Profit and Loss",
-				"company": doc.name,
-				"is_group": 0
-			}
-		}
-	}
-
-	cur_frm.fields_dict["expenses_included_in_valuation"].get_query =
-		cur_frm.fields_dict["stock_adjustment_account"].get_query;
-
-	cur_frm.fields_dict["stock_received_but_not_billed"].get_query = function(doc) {
-		return {
-			"filters": {
-				"report_type": "Balance Sheet",
-				"company": doc.name,
-				"is_group": 0
-			}
-		}
-	}
-}
+			filters: filters
+		};
+	});
+}
\ No newline at end of file
diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 6c67e60..f1f7cc4 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -114,6 +114,7 @@
 	def set_default_accounts(self):
 		self._set_default_account("default_cash_account", "Cash")
 		self._set_default_account("default_bank_account", "Bank")
+		self._set_default_account("round_off_account", "Round Off")
 
 		if cint(frappe.db.get_single_value("Accounts Settings", "auto_accounting_for_stock")):
 			self._set_default_account("stock_received_but_not_billed", "Stock Received But Not Billed")
@@ -161,6 +162,7 @@
 			cc_doc.insert()
 
 		frappe.db.set(self, "cost_center", _("Main") + " - " + self.abbr)
+		frappe.db.set(self, "round_off_cost_center", _("Main") + " - " + self.abbr)
 
 	def before_rename(self, olddn, newdn, merge=False):
 		if merge: