diff --git a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
index 9456924a87..ce7635400d 100644
--- a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
+++ b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
@@ -21,6 +21,7 @@ class FiscalYear(Document):
 
 	def validate(self):
 		self.validate_dates()
+		self.validate_overlap()
 
 		if not self.is_new():
 			year_start_end_dates = frappe.db.sql("""select year_start_date, year_end_date
@@ -40,6 +41,37 @@ class FiscalYear(Document):
 
 	def on_update(self):
 		check_duplicate_fiscal_year(self)
+		
+	def validate_overlap(self):
+		existing_fiscal_years = frappe.db.sql("""select name from `tabFiscal Year`
+			where (
+				(%(year_start_date)s between year_start_date and year_end_date)
+				or (%(year_end_date)s between year_start_date and year_end_date)
+				or (year_start_date between %(year_start_date)s and %(year_end_date)s)
+				or (year_end_date between %(year_start_date)s and %(year_end_date)s)
+			) and name!=%(name)s""",
+			{
+				"year_start_date": self.year_start_date,
+				"year_end_date": self.year_end_date,
+				"name": self.name or "No Name"
+			}, as_dict=True)
+
+		if existing_fiscal_years:
+			for existing in existing_fiscal_years:
+				company_for_existing = frappe.db.sql_list("""select company from `tabFiscal Year Company`
+					where parent=%s""", existing.name)
+				
+				overlap = False
+				if not self.get("companies") or not company_for_existing:
+					overlap = True
+			
+				for d in self.get("companies"):
+					if d.company in company_for_existing:
+						overlap = True
+					
+				if overlap:
+					frappe.throw(_("Year start date or end date is overlapping with {0}. To avoid please set company")
+						.format(existing.name))
 
 @frappe.whitelist()
 def check_duplicate_fiscal_year(doc):
diff --git a/erpnext/controllers/accounts_controller.py b/erpnext/controllers/accounts_controller.py
index 83155f1e73..50d4d8a2ab 100644
--- a/erpnext/controllers/accounts_controller.py
+++ b/erpnext/controllers/accounts_controller.py
@@ -4,9 +4,9 @@
 from __future__ import unicode_literals
 import frappe
 from frappe import _, throw
-from frappe.utils import today, flt, cint, fmt_money
+from frappe.utils import today, flt, cint, fmt_money, formatdate
 from erpnext.setup.utils import get_company_currency, get_exchange_rate
-from erpnext.accounts.utils import get_fiscal_year, validate_fiscal_year, get_account_currency
+from erpnext.accounts.utils import get_fiscal_years, validate_fiscal_year, get_account_currency
 from erpnext.utilities.transaction_base import TransactionBase
 from erpnext.controllers.recurring_document import convert_to_recurring, validate_recurring_document
 from erpnext.controllers.sales_and_purchase_return import validate_return
@@ -64,8 +64,6 @@ class AccountsController(TransactionBase):
 		for fieldname in ["posting_date", "transaction_date"]:
 			if not self.get(fieldname) and self.meta.get_field(fieldname):
 				self.set(fieldname, today())
-				if self.meta.get_field("fiscal_year") and not self.fiscal_year:
-					self.fiscal_year = get_fiscal_year(self.get(fieldname))[0]
 				break
 
 	def calculate_taxes_and_totals(self):
@@ -222,10 +220,17 @@ class AccountsController(TransactionBase):
 
 	def get_gl_dict(self, args, account_currency=None):
 		"""this method populates the common properties of a gl entry record"""
+		
+		fiscal_years = get_fiscal_years(self.posting_date, company=self.company)
+		if len(fiscal_years) > 1:
+			frappe.throw(_("Multiple fiscal years exist for the date {0}. Please set company in Fiscal Year").format(formatdate(self.posting_date)))
+		else:
+			fiscal_year = fiscal_years[0][0]
+						
 		gl_dict = frappe._dict({
 			'company': self.company,
 			'posting_date': self.posting_date,
-			'fiscal_year': get_fiscal_year(self.posting_date, company=self.company)[0],
+			'fiscal_year': fiscal_year,
 			'voucher_type': self.doctype,
 			'voucher_no': self.name,
 			'remarks': self.get("remarks"),