diff --git a/erpnext/accounts/doctype/account/account.txt b/erpnext/accounts/doctype/account/account.txt
index 62d5934..7c31998 100644
--- a/erpnext/accounts/doctype/account/account.txt
+++ b/erpnext/accounts/doctype/account/account.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-01-30 12:49:46", 
   "docstatus": 0, 
-  "modified": "2014-03-03 18:43:33", 
+  "modified": "2014-03-07 16:26:42", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -140,7 +140,7 @@
   "fieldname": "root_type", 
   "fieldtype": "Select", 
   "label": "Root Type", 
-  "options": "\nAsset\nLiability\nExpense\nIncome\nEquity"
+  "options": "\nAsset\nLiability\nExpense\nIncome"
  }, 
  {
   "description": "Setting Account Type helps in selecting this Account in transactions.", 
@@ -151,7 +151,7 @@
   "label": "Account Type", 
   "oldfieldname": "account_type", 
   "oldfieldtype": "Select", 
-  "options": "\nFixed Asset Account\nBank or Cash\nExpense Account\nTax\nIncome Account\nChargeable\nWarehouse", 
+  "options": "Bank or Cash\nTax\nChargeable\nWarehouse\nReceivable\nPayable\nEquity\nFixed Asset\nCost of Goods Sold\nExpense Account\nIncome Account", 
   "search_index": 0
  }, 
  {
diff --git a/erpnext/accounts/doctype/sales_invoice/sales_invoice.py b/erpnext/accounts/doctype/sales_invoice/sales_invoice.py
index 0a145b5..12334fa 100644
--- a/erpnext/accounts/doctype/sales_invoice/sales_invoice.py
+++ b/erpnext/accounts/doctype/sales_invoice/sales_invoice.py
@@ -261,7 +261,7 @@
 			frappe.throw(_("Account must be an asset account"))
 			
 	def validate_fixed_asset_account(self):
-		"""Validate Fixed Asset Account and whether Income Account Entered Exists"""
+		"""Validate Fixed Asset and whether Income Account Entered Exists"""
 		for d in getlist(self.doclist,'entries'):
 			item = frappe.db.sql("""select name,is_asset_item,is_sales_item from `tabItem` 
 				where name = %s and (ifnull(end_of_life,'')='' or end_of_life = '0000-00-00' 
@@ -270,8 +270,8 @@
 				where name = %s and docstatus != 2""", d.income_account)
 			if not acc:
 				msgprint("Account: "+d.income_account+" does not exist in the system", raise_exception=True)
-			elif item and item[0][1] == 'Yes' and not acc[0][0] == 'Fixed Asset Account':
-				msgprint("Please select income head with account type 'Fixed Asset Account' as Item %s is an asset item" % d.item_code, raise_exception=True)				
+			elif item and item[0][1] == 'Yes' and not acc[0][0] == 'Fixed Asset':
+				msgprint("Please select income head with account type 'Fixed Asset' as Item %s is an asset item" % d.item_code, raise_exception=True)				
 		
 	def validate_with_previous_doc(self):
 		super(DocType, self).validate_with_previous_doc(self.tname, {
diff --git a/erpnext/accounts/page/accounts_browser/accounts_browser.js b/erpnext/accounts/page/accounts_browser/accounts_browser.js
index 50345d7..a842006 100644
--- a/erpnext/accounts/page/accounts_browser/accounts_browser.js
+++ b/erpnext/accounts/page/accounts_browser/accounts_browser.js
@@ -193,7 +193,7 @@
 					options:'Group\nLedger', description: frappe._('Further accounts can be made under Groups,')+
 					 	frappe._('but entries can be made against Ledger')},
 				{fieldtype:'Select', fieldname:'account_type', label:frappe._('Account Type'),
-					options: ['', 'Fixed Asset Account', 'Bank or Cash', 'Expense Account', 'Tax',
+					options: ['', 'Fixed Asset', 'Bank or Cash', 'Expense Account', 'Tax',
 						'Income Account', 'Chargeable'].join('\n'),
 					description: frappe._("Optional. This setting will be used to filter in various transactions.") },
 				{fieldtype:'Float', fieldname:'tax_rate', label:frappe._('Tax Rate')},
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index f651ea4..a9ae548 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -30,3 +30,4 @@
 erpnext.patches.4_0.fix_employee_user_id
 erpnext.patches.4_0.set_account_details
 erpnext.patches.4_0.import_country_codes
+execute:patches.4_0.countrywise_coa
diff --git a/erpnext/patches/4_0/countrywise_coa.py b/erpnext/patches/4_0/countrywise_coa.py
new file mode 100644
index 0000000..f2e0acf
--- /dev/null
+++ b/erpnext/patches/4_0/countrywise_coa.py
@@ -0,0 +1,9 @@
+# Copyright (c) 2013, Web Notes Technologies Pvt. Ltd. and Contributors
+# License: GNU General Public License v3. See license.txt
+
+from __future__ import unicode_literals
+import frappe
+
+def execute():
+	frappe.db.sql("""update tabAccount set account_type='Fixed Asset' 
+		where account_type='Fixed Asset Account'""")
\ No newline at end of file
diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 7ceff79..eefe111 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -227,11 +227,11 @@
 					['Stock Assets','Current Assets','Group','No','','Asset',self.doc.name,''],
 					['Tax Assets','Current Assets','Group','No','','Asset',self.doc.name,''],
 				['Fixed Assets','Application of Funds (Assets)','Group','No','','Asset',self.doc.name,''],
-					['Capital Equipments','Fixed Assets','Ledger','No','Fixed Asset Account','Asset',self.doc.name,''],
-					['Computers','Fixed Assets','Ledger','No','Fixed Asset Account','Asset',self.doc.name,''],
-					['Furniture and Fixture','Fixed Assets','Ledger','No','Fixed Asset Account','Asset',self.doc.name,''],
-					['Office Equipments','Fixed Assets','Ledger','No','Fixed Asset Account','Asset',self.doc.name,''],
-					['Plant and Machinery','Fixed Assets','Ledger','No','Fixed Asset Account','Asset',self.doc.name,''],
+					['Capital Equipments','Fixed Assets','Ledger','No','Fixed Asset','Asset',self.doc.name,''],
+					['Computers','Fixed Assets','Ledger','No','Fixed Asset','Asset',self.doc.name,''],
+					['Furniture and Fixture','Fixed Assets','Ledger','No','Fixed Asset','Asset',self.doc.name,''],
+					['Office Equipments','Fixed Assets','Ledger','No','Fixed Asset','Asset',self.doc.name,''],
+					['Plant and Machinery','Fixed Assets','Ledger','No','Fixed Asset','Asset',self.doc.name,''],
 				['Investments','Application of Funds (Assets)','Group','No','','Asset',self.doc.name,''],
 				['Temporary Accounts (Assets)','Application of Funds (Assets)','Group','No','','Asset',self.doc.name,''],
 					['Temporary Account (Assets)','Temporary Accounts (Assets)','Ledger','No','','Asset',self.doc.name,''],