diff --git a/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.js b/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.js
index f67c59c..9766a46 100644
--- a/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.js
+++ b/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.js
@@ -12,11 +12,6 @@
 		frm.set_df_property('import_file_section', 'hidden', frm.doc.company ? 0 : 1);
 		frm.set_df_property('chart_preview', 'hidden',
 			$(frm.fields_dict['chart_tree'].wrapper).html()!="" ? 0 : 1);
-
-		// Show import button when file is successfully attached
-		if (frm.page && frm.page.show_import_button) {
-			create_import_button(frm);
-		}
 	},
 
 	download_template: function(frm) {
@@ -78,7 +73,12 @@
 			frm.page.set_indicator("");
 			$(frm.fields_dict['chart_tree'].wrapper).empty(); // empty wrapper on removing file
 		} else {
-			generate_tree_preview(frm);
+			frappe.run_serially([
+				() => validate_coa(frm),
+				() => generate_tree_preview(frm),
+				() => create_import_button(frm),
+				() => frm.set_df_property('chart_preview', 'hidden', 0),
+			]);
 		}
 	},
 
@@ -104,24 +104,26 @@
 });
 
 var create_import_button = function(frm) {
-	frm.page.set_primary_action(__("Import"), function () {
-		frappe.call({
-			method: "erpnext.accounts.doctype.chart_of_accounts_importer.chart_of_accounts_importer.import_coa",
-			args: {
-				file_name: frm.doc.import_file,
-				company: frm.doc.company
-			},
-			freeze: true,
-			freeze_message: __("Creating Accounts..."),
-			callback: function(r) {
-				if(!r.exc) {
-					clearInterval(frm.page["interval"]);
-					frm.page.set_indicator(__('Import Successful'), 'blue');
-					create_reset_button(frm);
+	if (frm.page.show_import_button) {
+		frm.page.set_primary_action(__("Import"), function () {
+			return frappe.call({
+				method: "erpnext.accounts.doctype.chart_of_accounts_importer.chart_of_accounts_importer.import_coa",
+				args: {
+					file_name: frm.doc.import_file,
+					company: frm.doc.company
+				},
+				freeze: true,
+				freeze_message: __("Creating Accounts..."),
+				callback: function(r) {
+					if(!r.exc) {
+						clearInterval(frm.page["interval"]);
+						frm.page.set_indicator(__('Import Successful'), 'blue');
+						create_reset_button(frm);
+					}
 				}
-			}
-		});
-	}).addClass('btn btn-primary');
+			});
+		}).addClass('btn btn-primary');
+	}
 };
 
 var create_reset_button = function(frm) {
@@ -132,13 +134,35 @@
 	}).addClass('btn btn-primary');
 };
 
+var validate_coa = function(frm) {
+	if (frm.doc.import_file) {
+		let parent = __('All Accounts');
+
+		return frappe.call({
+			'method': 'erpnext.accounts.doctype.chart_of_accounts_importer.chart_of_accounts_importer.get_coa',
+			'args': {
+				file_name: frm.doc.import_file,
+				parent: parent,
+				doctype: 'Chart of Accounts Importer',
+				file_type: frm.doc.file_type,
+				for_validate: 1
+			},
+			callback: function(r) {
+				if (r.message['show_import_button']) {
+					frm.page['show_import_button'] = Boolean(r.message['show_import_button']);
+				}
+			}
+		})
+	}
+};
+
 var generate_tree_preview = function(frm) {
 	if (frm.doc.import_file) {
 		let parent = __('All Accounts');
 		$(frm.fields_dict['chart_tree'].wrapper).empty(); // empty wrapper to load new data
 
 		// generate tree structure based on the csv data
-		new frappe.ui.Tree({
+		return new frappe.ui.Tree({
 			parent: $(frm.fields_dict['chart_tree'].wrapper),
 			label: parent,
 			expandable: true,
diff --git a/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.py b/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.py
index 9a0234a..fa61ca2 100644
--- a/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.py
+++ b/erpnext/accounts/doctype/chart_of_accounts_importer/chart_of_accounts_importer.py
@@ -64,6 +64,7 @@
 	else:
 		data = generate_data_from_excel(file_doc, extension)
 
+	frappe.local.flags.ignore_root_company_validation = True
 	forest = build_forest(data)
 	create_charts(company, custom_chart=forest)
 
@@ -128,7 +129,7 @@
 	return data
 
 @frappe.whitelist()
-def get_coa(doctype, parent, is_root=False, file_name=None):
+def get_coa(doctype, parent, is_root=False, file_name=None, for_validate=0):
 	''' called by tree view (to fetch node's children) '''
 
 	file_doc, extension = get_file(file_name)
@@ -140,14 +141,20 @@
 		data = generate_data_from_excel(file_doc, extension)
 
 	validate_columns(data)
-	validate_accounts(data)
-	forest = build_forest(data)
-	accounts = build_tree_from_json("", chart_data=forest) # returns alist of dict in a tree render-able form
+	validate_accounts(file_doc, extension)
 
-	# filter out to show data for the selected node only
-	accounts = [d for d in accounts if d['parent_account']==parent]
+	if not for_validate:
+		forest = build_forest(data)
+		accounts = build_tree_from_json("", chart_data=forest) # returns a list of dict in a tree render-able form
 
-	return accounts
+		# filter out to show data for the selected node only
+		accounts = [d for d in accounts if d['parent_account']==parent]
+
+		return accounts
+	else:
+		return {
+			'show_import_button': 1
+		}
 
 def build_forest(data):
 	'''
@@ -279,7 +286,7 @@
 def get_sample_template(writer):
 	template = [
 		["Application Of Funds(Assets)", "", "", "", 1, "", "Asset"],
-		["Sources Of Funds(Liabilities)", "", "", "", 1, "", "Liability"],
+		# ["Sources Of Funds(Liabilities)", "", "", "", 1, "", "Liability"],
 		["Equity", "", "", "", 1, "", "Equity"],
 		["Expenses", "", "", "", 1, "", "Expense"],
 		["Income", "", "", "", 1, "", "Income"],
@@ -304,10 +311,7 @@
 
 
 @frappe.whitelist()
-def validate_accounts(file_name):
-
-	file_doc, extension = get_file(file_name)
-
+def validate_accounts(file_doc, extension):
 	if extension  == 'csv':
 		accounts = generate_data_from_csv(file_doc, as_dict=True)
 	else:
@@ -326,8 +330,6 @@
 
 	validate_root(accounts_dict)
 
-	validate_account_types(accounts_dict)
-
 	return [True, len(accounts)]
 
 def validate_root(accounts):
@@ -340,9 +342,19 @@
 		elif account.get("root_type") not in get_root_types() and account.get("account_name"):
 			error_messages.append(_("Root Type for {0} must be one of the Asset, Liability, Income, Expense and Equity").format(account.get("account_name")))
 
+	validate_missing_roots(roots)
+
 	if error_messages:
 		frappe.throw("<br>".join(error_messages))
 
+def validate_missing_roots(roots):
+	root_types_added = set(d.get('root_type') for d in roots)
+
+	missing = list(set(get_root_types()) - root_types_added)
+
+	if missing:
+		frappe.throw(_("Please add Root Account for - {0}").format(' , '.join(missing)))
+
 def get_root_types():
 	return ('Asset', 'Liability', 'Expense', 'Income', 'Equity')
 
@@ -368,15 +380,6 @@
 		{'account_type': 'Stock', 'root_type': 'Asset'}
 	]
 
-
-def validate_account_types(accounts):
-	account_types_for_ledger = ["Cost of Goods Sold", "Depreciation", "Fixed Asset", "Payable", "Receivable", "Stock Adjustment"]
-	account_types = [accounts[d]["account_type"] for d in accounts if not cint(accounts[d]['is_group']) == 1]
-
-	missing = list(set(account_types_for_ledger) - set(account_types))
-	if missing:
-		frappe.throw(_("Please identify/create Account (Ledger) for type - {0}").format(' , '.join(missing)))
-
 def unset_existing_data(company):
 	linked = frappe.db.sql('''select fieldname from tabDocField
 		where fieldtype="Link" and options="Account" and parent="Company"''', as_dict=True)