diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index dae2b4b..5315f79 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -42,3 +42,4 @@
 execute:frappe.db.sql("delete from `tabWebsite Item Group` where ifnull(item_group, '')=''")
 execute:frappe.delete_doc("Print Format", "SalesInvoice")
 execute:import frappe.defaults;frappe.defaults.clear_default("price_list_currency")
+erpnext.patches.v4_0.global_defaults_to_system_settings
diff --git a/erpnext/patches/v4_0/global_defaults_to_system_settings.py b/erpnext/patches/v4_0/global_defaults_to_system_settings.py
new file mode 100644
index 0000000..5a3c41c
--- /dev/null
+++ b/erpnext/patches/v4_0/global_defaults_to_system_settings.py
@@ -0,0 +1,17 @@
+# Copyright (c) 2013, Web Notes Technologies Pvt. Ltd. and Contributors
+# MIT License. See license.txt
+
+from __future__ import unicode_literals
+
+import frappe
+
+def execute():
+	global_defauls = frappe.db.get_value("Global Defaults", None,
+		["time_zone", "date_format", "number_format", "float_precision", "session_expiry"])
+
+	if global_defauls:
+		system_settings = frappe.get_doc("System Settings")
+		for key, val in global_defauls.items():
+			system_settings[key] = val
+		system_settings.ignore_mandatory = True
+		system_settings.save()