diff --git a/erpnext/accounts/doctype/closing_balance/closing_balance.json b/erpnext/accounts/doctype/closing_balance/closing_balance.json
index 5a47f72..f99e792 100644
--- a/erpnext/accounts/doctype/closing_balance/closing_balance.json
+++ b/erpnext/accounts/doctype/closing_balance/closing_balance.json
@@ -8,28 +8,18 @@
  "field_order": [
   "closing_date",
   "account",
-  "party_type",
-  "party",
   "cost_center",
   "debit",
   "credit",
   "account_currency",
   "debit_in_account_currency",
   "credit_in_account_currency",
-  "against",
-  "against_voucher_type",
-  "against_voucher",
-  "voucher_type",
-  "voucher_no",
-  "voucher_detail_no",
   "project",
   "is_opening",
-  "is_advance",
   "fiscal_year",
   "company",
   "finance_book",
-  "to_rename",
-  "due_date"
+  "period_closing_voucher"
  ],
  "fields": [
   {
@@ -55,21 +45,6 @@
    "search_index": 1
   },
   {
-   "fieldname": "party_type",
-   "fieldtype": "Link",
-   "label": "Party Type",
-   "options": "DocType",
-   "search_index": 1
-  },
-  {
-   "fieldname": "party",
-   "fieldtype": "Dynamic Link",
-   "in_standard_filter": 1,
-   "label": "Party",
-   "options": "party_type",
-   "search_index": 1
-  },
-  {
    "fieldname": "cost_center",
    "fieldtype": "Link",
    "in_filter": 1,
@@ -114,60 +89,6 @@
    "options": "account_currency"
   },
   {
-   "fieldname": "against",
-   "fieldtype": "Text",
-   "in_filter": 1,
-   "label": "Against",
-   "oldfieldname": "against",
-   "oldfieldtype": "Text"
-  },
-  {
-   "fieldname": "against_voucher_type",
-   "fieldtype": "Link",
-   "label": "Against Voucher Type",
-   "oldfieldname": "against_voucher_type",
-   "oldfieldtype": "Data",
-   "options": "DocType",
-   "search_index": 1
-  },
-  {
-   "fieldname": "against_voucher",
-   "fieldtype": "Dynamic Link",
-   "in_filter": 1,
-   "label": "Against Voucher",
-   "oldfieldname": "against_voucher",
-   "oldfieldtype": "Data",
-   "options": "against_voucher_type",
-   "search_index": 1
-  },
-  {
-   "fieldname": "voucher_type",
-   "fieldtype": "Link",
-   "in_filter": 1,
-   "label": "Voucher Type",
-   "oldfieldname": "voucher_type",
-   "oldfieldtype": "Select",
-   "options": "DocType",
-   "search_index": 1
-  },
-  {
-   "fieldname": "voucher_no",
-   "fieldtype": "Dynamic Link",
-   "in_filter": 1,
-   "in_standard_filter": 1,
-   "label": "Voucher No",
-   "oldfieldname": "voucher_no",
-   "oldfieldtype": "Data",
-   "options": "voucher_type",
-   "search_index": 1
-  },
-  {
-   "fieldname": "voucher_detail_no",
-   "fieldtype": "Data",
-   "label": "Voucher Detail No",
-   "read_only": 1
-  },
-  {
    "fieldname": "project",
    "fieldtype": "Link",
    "label": "Project",
@@ -183,14 +104,6 @@
    "options": "No\nYes"
   },
   {
-   "fieldname": "is_advance",
-   "fieldtype": "Select",
-   "label": "Is Advance",
-   "oldfieldname": "is_advance",
-   "oldfieldtype": "Select",
-   "options": "No\nYes"
-  },
-  {
    "fieldname": "fiscal_year",
    "fieldtype": "Link",
    "in_filter": 1,
@@ -216,23 +129,16 @@
    "options": "Finance Book"
   },
   {
-   "default": "1",
-   "fieldname": "to_rename",
-   "fieldtype": "Check",
-   "hidden": 1,
-   "label": "To Rename",
-   "search_index": 1
-  },
-  {
-   "fieldname": "due_date",
-   "fieldtype": "Date",
-   "label": "Due Date"
+   "fieldname": "period_closing_voucher",
+   "fieldtype": "Link",
+   "label": "Period Closing Voucher",
+   "options": "Period Closing Voucher"
   }
  ],
  "icon": "fa fa-list",
  "in_create": 1,
  "links": [],
- "modified": "2023-02-21 15:20:59.586811",
+ "modified": "2023-02-22 19:28:14.490403",
  "modified_by": "Administrator",
  "module": "Accounts",
  "name": "Closing Balance",
@@ -261,7 +167,6 @@
    "role": "Auditor"
   }
  ],
- "search_fields": "voucher_no,account,against_voucher",
  "sort_field": "modified",
  "sort_order": "DESC",
  "states": []
diff --git a/erpnext/accounts/doctype/closing_balance/closing_balance.py b/erpnext/accounts/doctype/closing_balance/closing_balance.py
index 899749f..572553d 100644
--- a/erpnext/accounts/doctype/closing_balance/closing_balance.py
+++ b/erpnext/accounts/doctype/closing_balance/closing_balance.py
@@ -1,9 +1,42 @@
 # Copyright (c) 2023, Frappe Technologies Pvt. Ltd. and contributors
 # For license information, please see license.txt
 
-# import frappe
+import frappe
 from frappe.model.document import Document
 
+from erpnext.accounts.doctype.accounting_dimension.accounting_dimension import (
+	get_accounting_dimensions,
+)
+
 
 class ClosingBalance(Document):
-	pass
+	def aggregate_with_last_closing_balance(self, accounting_dimensions):
+		closing_balance = frappe.qb.DocType("Closing Balance")
+
+		query = (
+			frappe.qb.from_(closing_balance)
+			.select(closing_balance.debit, closing_balance.credit)
+			.where(
+				closing_balance.closing_date < self.closing_date,
+			)
+		)
+
+		for dimension in accounting_dimensions:
+			query = query.where(closing_balance[dimension] == self.get(dimension))
+
+		query.orderby(closing_balance.closing_date, order=frappe.qb.desc).limit(1)
+
+		last_closing_balance = query.run(as_dict=1)
+
+		if last_closing_balance:
+			self.debit += last_closing_balance[0].debit
+			self.credit += last_closing_balance[0].credit
+
+
+def make_closing_entries(closing_entries):
+	accounting_dimensions = get_accounting_dimensions()
+	for entry in closing_entries:
+		cle = frappe.new_doc("Closing Balance")
+		cle.update(entry)
+		cle.aggregate_with_last_closing_balance(accounting_dimensions)
+		cle.submit()
diff --git a/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py b/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
index ca98bee..af90d97 100644
--- a/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
+++ b/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
@@ -21,6 +21,7 @@
 	def on_submit(self):
 		self.db_set("gle_processing_status", "In Progress")
 		self.make_gl_entries()
+		self.make_closing_entries()
 
 	def on_cancel(self):
 		self.db_set("gle_processing_status", "In Progress")
@@ -90,16 +91,37 @@
 			else:
 				process_gl_entries(gl_entries)
 
+	def make_closing_entries(self):
+		closing_entries = self.get_grouped_gl_entries()
+		if closing_entries:
+			if len(closing_entries) > 5000:
+				frappe.enqueue(process_closing_entries, gl_entries=closing_entries, queue="long")
+				frappe.msgprint(
+					_("The Opening Entries will be processed in the background, it can take a few minutes."),
+					alert=True,
+				)
+			else:
+				process_closing_entries(closing_entries)
+
+	def get_grouped_gl_entries(self):
+		closing_entries = []
+		for acc in self.get_balances_based_on_dimensions(
+			group_by_account=True, report_type=["Profit and Loss", "Balance Sheet"], for_aggregation=True
+		):
+			closing_entries.append(self.get_closing_entries(acc))
+
+		return closing_entries
+
 	def get_gl_entries(self):
 		gl_entries = []
 
 		# pl account
-		for acc in self.get_pl_balances_based_on_dimensions(group_by_account=True):
+		for acc in self.get_balances_based_on_dimensions(group_by_account=True):
 			if flt(acc.bal_in_company_currency):
 				gl_entries.append(self.get_gle_for_pl_account(acc))
 
 		# closing liability account
-		for acc in self.get_pl_balances_based_on_dimensions(group_by_account=False):
+		for acc in self.get_balances_based_on_dimensions(group_by_account=False):
 			if flt(acc.bal_in_company_currency):
 				gl_entries.append(self.get_gle_for_closing_account(acc))
 
@@ -147,6 +169,25 @@
 		self.update_default_dimensions(gl_entry, acc)
 		return gl_entry
 
+	def get_closing_entries(self, acc):
+		closing_entry = self.get_gl_dict(
+			{
+				"closing_date": self.posting_date,
+				"period_closing_voucher": self.name,
+				"account": acc.account,
+				"cost_center": acc.cost_center,
+				"finance_book": acc.finance_book,
+				"account_currency": acc.account_currency,
+				"debit_in_account_currency": flt(acc.debit_in_account_currency),
+				"debit": flt(acc.debit),
+				"credit_in_account_currency": flt(acc.credit_in_account_currency),
+				"credit": abs(flt(acc.bal_in_company_currency)) if flt(acc.bal_in_company_currency) < 0 else 0,
+			},
+			item=acc,
+		)
+
+		return closing_entry
+
 	def update_default_dimensions(self, gl_entry, acc):
 		if not self.accounting_dimensions:
 			self.accounting_dimensions = get_accounting_dimensions()
@@ -154,9 +195,24 @@
 		for dimension in self.accounting_dimensions:
 			gl_entry.update({dimension: acc.get(dimension)})
 
-	def get_pl_balances_based_on_dimensions(self, group_by_account=False):
+	def get_balances_based_on_dimensions(
+		self, group_by_account=False, report_type=["Profit and Loss"], for_aggregation=False
+	):
 		"""Get balance for dimension-wise pl accounts"""
 
+		if for_aggregation:
+			balance_fields = [
+				"sum(t1.debit_in_account_currency) - sum(t1.credit_in_account_currency) as bal_in_account_currency",
+				"sum(t1.debit) - sum(t1.credit) as bal_in_company_currency",
+			]
+		else:
+			balance_fields = [
+				"sum(t1.debit_in_account_currency) as debit_in_account_currency",
+				"sum(t1.credit_in_account_currency) as credit_in_account_currency",
+				"sum(t1.debit) as debit",
+				"sum(t1.credit) as credit",
+			]
+
 		dimension_fields = ["t1.cost_center", "t1.finance_book"]
 
 		self.accounting_dimensions = get_accounting_dimensions()
@@ -169,27 +225,39 @@
 		return frappe.db.sql(
 			"""
 			select
+				t1.account,
 				t2.account_currency,
 				{dimension_fields},
-				sum(t1.debit_in_account_currency) - sum(t1.credit_in_account_currency) as bal_in_account_currency,
-				sum(t1.debit) - sum(t1.credit) as bal_in_company_currency
+				{balance_fields}
 			from `tabGL Entry` t1, `tabAccount` t2
 			where
 				t1.is_cancelled = 0
 				and t1.account = t2.name
-				and t2.report_type = 'Profit and Loss'
+				and t2.report_type in ("{report_type}")
 				and t2.docstatus < 2
 				and t2.company = %s
 				and t1.posting_date between %s and %s
 			group by {dimension_fields}
 		""".format(
-				dimension_fields=", ".join(dimension_fields)
+				dimension_fields=", ".join(dimension_fields),
+				balance_fields=", ".join(balance_fields),
+				report_type='", "'.join(report_type),
 			),
 			(self.company, self.get("year_start_date"), self.posting_date),
 			as_dict=1,
 		)
 
 
+def process_closing_entries(closing_entries):
+	from erpnext.accounts.doctype.closing_balance.closing_balance import make_closing_entries
+
+	try:
+		make_closing_entries(closing_entries)
+	except Exception as e:
+		frappe.db.rollback()
+		frappe.log_error(e)
+
+
 def process_gl_entries(gl_entries):
 	from erpnext.accounts.general_ledger import make_gl_entries
 
diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 211f074..d0873e8 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -327,3 +327,5 @@
 erpnext.patches.v14_0.change_autoname_for_tax_withheld_vouchers
 erpnext.patches.v14_0.set_pick_list_status
 erpnext.patches.v15_0.update_asset_value_for_manual_depr_entries
+erpnext.patches.v14_0.create_accounting_dimensions_for_closing_balance
+#erpnext.patches.v14_0.update_closing_balances