diff --git a/erpnext/__init__.py b/erpnext/__init__.py
index 60bec4f..5324cde 100644
--- a/erpnext/__init__.py
+++ b/erpnext/__init__.py
@@ -1 +1,24 @@
 from erpnext.__version__ import __version__
+
+import frappe
+
+def get_default_company(user=None):
+	'''Get default company for user'''
+	from frappe.defaults import get_user_default_as_list
+
+	if not user:
+		user = frappe.session.user
+
+	companies = get_user_default_as_list(user, 'company')
+	if companies:
+		default_company = companies[0]
+	else:
+		default_company = frappe.db.get_single_value('Global Defaults', 'default_company')
+
+	return default_company
+
+def get_default_currency():
+	'''Returns the currency of the default company'''
+	company = get_default_company()
+	if company:
+		return frappe.db.get_value('Company', company, 'default_currency')
\ No newline at end of file
diff --git a/erpnext/setup/setup_wizard/setup_wizard.py b/erpnext/setup/setup_wizard/setup_wizard.py
index 542eb0b..a21fd21 100644
--- a/erpnext/setup/setup_wizard/setup_wizard.py
+++ b/erpnext/setup/setup_wizard/setup_wizard.py
@@ -10,7 +10,6 @@
 from .default_website import website_maker
 import install_fixtures
 from .sample_data import make_sample_data
-from erpnext.accounts.utils import FiscalYearError
 from erpnext.accounts.doctype.account.account import RootNotEditable
 from frappe.core.doctype.communication.comment import add_info_comment
 
@@ -136,6 +135,7 @@
 	stock_settings = frappe.get_doc("Stock Settings")
 	stock_settings.item_naming_by = "Item Code"
 	stock_settings.valuation_method = "FIFO"
+	stock_settings.default_warehouse = frappe.db.get_value('Warehouse', {'warehouse_name': _('Stores')})
 	stock_settings.stock_uom = _("Nos")
 	stock_settings.auto_indent = 1
 	stock_settings.auto_insert_price_list_rate_if_missing = 1
diff --git a/erpnext/stock/doctype/item/item.json b/erpnext/stock/doctype/item/item.json
index c1fad75..a85bb89 100644
--- a/erpnext/stock/doctype/item/item.json
+++ b/erpnext/stock/doctype/item/item.json
@@ -226,6 +226,31 @@
    "allow_on_submit": 0, 
    "bold": 0, 
    "collapsible": 0, 
+   "fieldname": "disabled", 
+   "fieldtype": "Check", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 0, 
+   "label": "Disabled", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
    "default": "1", 
    "description": "", 
    "fieldname": "is_stock_item", 
@@ -283,16 +308,42 @@
   }, 
   {
    "allow_on_submit": 0, 
-   "bold": 0, 
+   "bold": 1, 
    "collapsible": 0, 
-   "fieldname": "disabled", 
-   "fieldtype": "Check", 
+   "depends_on": "__islocal", 
+   "fieldname": "opening_stock", 
+   "fieldtype": "Int", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
-   "label": "Disabled", 
+   "label": "Opening Stock", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 1, 
+   "collapsible": 0, 
+   "fieldname": "standard_rate", 
+   "fieldtype": "Currency", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 0, 
+   "label": "Standard Rate", 
    "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
@@ -2205,7 +2256,7 @@
  "issingle": 0, 
  "istable": 0, 
  "max_attachments": 1, 
- "modified": "2016-04-15 04:53:25.076425", 
+ "modified": "2016-04-15 07:10:24.271811", 
  "modified_by": "Administrator", 
  "module": "Stock", 
  "name": "Item", 
@@ -2372,7 +2423,7 @@
    "write": 0
   }
  ], 
- "quick_entry": 0, 
+ "quick_entry": 1, 
  "read_only": 0, 
  "read_only_onload": 0, 
  "search_fields": "item_name,description,item_group,customer_code", 
diff --git a/erpnext/stock/doctype/item/item.py b/erpnext/stock/doctype/item/item.py
index d8a3115..f0e5f29 100644
--- a/erpnext/stock/doctype/item/item.py
+++ b/erpnext/stock/doctype/item/item.py
@@ -3,6 +3,7 @@
 
 from __future__ import unicode_literals
 import frappe
+import erpnext
 import json
 import urllib
 import itertools
@@ -55,6 +56,14 @@
 
 		self.publish_in_hub = 1
 
+	def after_insert(self):
+		'''set opening stock and item price'''
+		if self.standard_rate:
+			self.add_price()
+
+		if self.opening_stock:
+			self.set_opening_stock()
+
 	def validate(self):
 		super(Item, self).validate()
 
@@ -95,6 +104,36 @@
 		self.update_variants()
 		self.update_template_item()
 
+	def add_price(self, price_list=None):
+		'''Add a new price'''
+		if not price_list:
+			price_list = (frappe.db.get_single_value('Selling Settings', 'selling_price_list')
+				or frappe.db.get_value('Price List', _('Standard Selling')))
+		if price_list:
+			item_price = frappe.get_doc({
+				"doctype": "Item Price",
+				"price_list": price_list,
+				"item_code": self.name,
+				"currency": erpnext.get_default_currency(),
+				"price_list_rate": self.standard_rate
+			})
+			item_price.insert()
+
+	def set_opening_stock(self):
+		'''set opening stock'''
+		from erpnext.stock.doctype.stock_entry.stock_entry_utils import make_stock_entry
+
+		# default warehouse, or Stores
+		default_warehouse = (frappe.db.get_single_value('Stock Settings', 'default_warehouse')
+			or frappe.db.get_value('Warehouse', {'warehouse_name': _('Stores')}))
+
+		if default_warehouse:
+			stock_entry = make_stock_entry(item_code=self.name,
+				target=default_warehouse,
+				qty=self.opening_stock)
+
+			stock_entry.add_comment("Comment", _("Opening Stock"))
+
 	def validate_website_image(self):
 		"""Validate if the website image is a public file"""
 		auto_set_website_image = False
diff --git a/erpnext/stock/doctype/stock_entry/stock_entry_utils.py b/erpnext/stock/doctype/stock_entry/stock_entry_utils.py
new file mode 100644
index 0000000..dcfc304
--- /dev/null
+++ b/erpnext/stock/doctype/stock_entry/stock_entry_utils.py
@@ -0,0 +1,46 @@
+# Copyright (c) 2015, Frappe Technologies Pvt. Ltd. and Contributors
+# See license.txt
+
+import frappe
+
+def make_stock_entry(**args):
+	s = frappe.new_doc("Stock Entry")
+	args = frappe._dict(args)
+	if args.posting_date:
+		s.posting_date = args.posting_date
+	if args.posting_time:
+		s.posting_time = args.posting_time
+
+	if not args.purpose:
+		if args.source and args.target:
+			s.purpose = "Material Transfer"
+		elif args.source:
+			s.purpose = "Material Issue"
+		else:
+			s.purpose = "Material Receipt"
+	else:
+		s.purpose = args.purpose
+
+	s.company = args.company or "_Test Company"
+	s.purchase_receipt_no = args.purchase_receipt_no
+	s.delivery_note_no = args.delivery_note_no
+	s.sales_invoice_no = args.sales_invoice_no
+	s.difference_account = args.difference_account or "Stock Adjustment - _TC"
+
+	s.append("items", {
+		"item_code": args.item or args.item_code or "_Test Item",
+		"s_warehouse": args.from_warehouse or args.source,
+		"t_warehouse": args.to_warehouse or args.target,
+		"qty": args.qty,
+		"basic_rate": args.basic_rate,
+		"expense_account": args.expense_account or "Stock Adjustment - _TC",
+		"conversion_factor": 1.0,
+		"cost_center": "_Test Cost Center - _TC",
+		"serial_no": args.serial_no
+	})
+
+	if not args.do_not_save:
+		s.insert()
+		if not args.do_not_submit:
+			s.submit()
+	return s
diff --git a/erpnext/stock/doctype/stock_entry/test_stock_entry.py b/erpnext/stock/doctype/stock_entry/test_stock_entry.py
index 78c1dd2..d903982 100644
--- a/erpnext/stock/doctype/stock_entry/test_stock_entry.py
+++ b/erpnext/stock/doctype/stock_entry/test_stock_entry.py
@@ -12,6 +12,7 @@
 from erpnext.stock.stock_ledger import get_previous_sle
 from erpnext.stock.doctype.stock_reconciliation.test_stock_reconciliation import create_stock_reconciliation
 from frappe.tests.test_permissions import set_user_permission_doctypes
+from eprnext.stock.doctype.stock_entry.stock_entry_utils import make_stock_entry
 
 def get_sle(**args):
 	condition, values = "", []
@@ -604,48 +605,6 @@
 	se.submit()
 	return se
 
-def make_stock_entry(**args):
-	s = frappe.new_doc("Stock Entry")
-	args = frappe._dict(args)
-	if args.posting_date:
-		s.posting_date = args.posting_date
-	if args.posting_time:
-		s.posting_time = args.posting_time
-
-	if not args.purpose:
-		if args.source and args.target:
-			s.purpose = "Material Transfer"
-		elif args.source:
-			s.purpose = "Material Issue"
-		else:
-			s.purpose = "Material Receipt"
-	else:
-		s.purpose = args.purpose
-
-	s.company = args.company or "_Test Company"
-	s.purchase_receipt_no = args.purchase_receipt_no
-	s.delivery_note_no = args.delivery_note_no
-	s.sales_invoice_no = args.sales_invoice_no
-	s.difference_account = args.difference_account or "Stock Adjustment - _TC"
-
-	s.append("items", {
-		"item_code": args.item or args.item_code or "_Test Item",
-		"s_warehouse": args.from_warehouse or args.source,
-		"t_warehouse": args.to_warehouse or args.target,
-		"qty": args.qty,
-		"basic_rate": args.basic_rate,
-		"expense_account": args.expense_account or "Stock Adjustment - _TC",
-		"conversion_factor": 1.0,
-		"cost_center": "_Test Cost Center - _TC",
-		"serial_no": args.serial_no
-	})
-
-	if not args.do_not_save:
-		s.insert()
-		if not args.do_not_submit:
-			s.submit()
-	return s
-
 def get_qty_after_transaction(**args):
 	args = frappe._dict(args)
 
diff --git a/erpnext/stock/doctype/stock_settings/stock_settings.js b/erpnext/stock/doctype/stock_settings/stock_settings.js
new file mode 100644
index 0000000..49ce3d8
--- /dev/null
+++ b/erpnext/stock/doctype/stock_settings/stock_settings.js
@@ -0,0 +1,8 @@
+// Copyright (c) 2016, Frappe Technologies Pvt. Ltd. and contributors
+// For license information, please see license.txt
+
+frappe.ui.form.on('Stock Settings', {
+	refresh: function(frm) {
+
+	}
+});
diff --git a/erpnext/stock/doctype/stock_settings/stock_settings.json b/erpnext/stock/doctype/stock_settings/stock_settings.json
index 2d6e2b4..d56daf5 100644
--- a/erpnext/stock/doctype/stock_settings/stock_settings.json
+++ b/erpnext/stock/doctype/stock_settings/stock_settings.json
@@ -17,13 +17,16 @@
    "fieldtype": "Select", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 1, 
    "label": "Item Naming By", 
+   "length": 0, 
    "no_copy": 0, 
    "options": "Item Code\nNaming Series", 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -40,13 +43,16 @@
    "fieldtype": "Link", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 1, 
    "label": "Default Item Group", 
+   "length": 0, 
    "no_copy": 0, 
    "options": "Item Group", 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -62,13 +68,42 @@
    "fieldtype": "Link", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 1, 
    "label": "Default Stock UOM", 
+   "length": 0, 
    "no_copy": 0, 
    "options": "UOM", 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "fieldname": "default_warehouse", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 0, 
+   "label": "Default Warehouse", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Warehouse", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -84,11 +119,14 @@
    "fieldtype": "Column Break", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -104,13 +142,16 @@
    "fieldtype": "Select", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Default Valuation Method", 
+   "length": 0, 
    "no_copy": 0, 
    "options": "FIFO\nMoving Average", 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -127,12 +168,15 @@
    "fieldtype": "Float", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Allowance Percent", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -148,12 +192,15 @@
    "fieldtype": "Section Break", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "precision": "", 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -169,13 +216,16 @@
    "fieldtype": "Check", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Auto insert Price List rate if missing", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "precision": "", 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -191,12 +241,15 @@
    "fieldtype": "Check", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Allow Negative Stock", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -212,12 +265,15 @@
    "fieldtype": "Column Break", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "precision": "", 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -234,13 +290,16 @@
    "fieldtype": "Check", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Automatically Set Serial Nos based on FIFO", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "precision": "", 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -256,12 +315,15 @@
    "fieldtype": "Section Break", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Auto Material Request", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -277,12 +339,15 @@
    "fieldtype": "Check", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Raise Material Request when stock reaches re-order level", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -298,12 +363,15 @@
    "fieldtype": "Check", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Notify by Email on creation of automatic Material Request", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -319,12 +387,15 @@
    "fieldtype": "Section Break", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Freeze Stock Entries", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -340,12 +411,15 @@
    "fieldtype": "Date", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Stock Frozen Upto", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -361,12 +435,15 @@
    "fieldtype": "Int", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Freeze Stocks Older Than [Days]", 
+   "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -382,13 +459,16 @@
    "fieldtype": "Link", 
    "hidden": 0, 
    "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
    "label": "Role Allowed to edit frozen stock", 
+   "length": 0, 
    "no_copy": 0, 
    "options": "Role", 
    "permlevel": 0, 
    "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
    "read_only": 0, 
    "report_hide": 0, 
    "reqd": 0, 
@@ -406,7 +486,8 @@
  "is_submittable": 0, 
  "issingle": 1, 
  "istable": 0, 
- "modified": "2015-09-03 00:42:16.833424", 
+ "max_attachments": 0, 
+ "modified": "2016-04-15 06:51:47.497431", 
  "modified_by": "Administrator", 
  "module": "Stock", 
  "name": "Stock Settings", 
@@ -433,6 +514,8 @@
    "write": 1
   }
  ], 
+ "quick_entry": 1, 
  "read_only": 0, 
- "read_only_onload": 0
+ "read_only_onload": 0, 
+ "track_seen": 0
 }
\ No newline at end of file
diff --git a/erpnext/stock/reorder_item.py b/erpnext/stock/reorder_item.py
index c87e336..4531913 100644
--- a/erpnext/stock/reorder_item.py
+++ b/erpnext/stock/reorder_item.py
@@ -2,6 +2,7 @@
 # License: GNU General Public License v3. See license.txt
 
 import frappe
+import erpnext
 from frappe.utils import flt, nowdate, add_days, cint
 from frappe import _
 
@@ -18,7 +19,7 @@
 	material_requests = {"Purchase": {}, "Transfer": {}}
 	warehouse_company = frappe._dict(frappe.db.sql("""select name, company from `tabWarehouse`
 		where disabled=0"""))
-	default_company = (frappe.defaults.get_defaults().get("company") or
+	default_company = (erpnext.get_default_company() or
 		frappe.db.sql("""select name from tabCompany limit 1""")[0][0])
 
 	items_to_consider = frappe.db.sql_list("""select name from `tabItem` item