diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 02c651f9ed..f7342c1d75 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -59,3 +59,4 @@ erpnext.patches.v4_0.create_custom_fields_for_india_specific_fields
 erpnext.patches.v4_0.save_default_letterhead
 erpnext.patches.v4_0.update_custom_print_formats_for_renamed_fields
 erpnext.patches.v4_0.update_other_charges_in_custom_purchase_print_formats
+erpnext.patches.v4_0.create_price_list_if_missing
diff --git a/erpnext/patches/v4_0/create_price_list_if_missing.py b/erpnext/patches/v4_0/create_price_list_if_missing.py
new file mode 100644
index 0000000000..eeeae19783
--- /dev/null
+++ b/erpnext/patches/v4_0/create_price_list_if_missing.py
@@ -0,0 +1,28 @@
+# 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
+from frappe import _
+from frappe.utils.nestedset import get_root_of
+
+def execute():
+	if not frappe.db.sql("select name from `tabPrice List` where buying=1"):
+		create_price_list(_("Standard Buying"), buying=1)
+
+	if not frappe.db.sql("select name from `tabPrice List` where selling=1"):
+		create_price_list(_("Standard Selling"), selling=1)
+
+def create_price_list(pl_name, buying=0, selling=0):
+	price_list = frappe.get_doc({
+		"doctype": "Price List",
+		"price_list_name": pl_name,
+		"enabled": 1,
+		"buying": buying,
+		"selling": selling,
+		"currency": frappe.db.get_default("currency"),
+		"valid_for_territories": [{
+			"territory": get_root_of("Territory")
+		}]
+	})
+	price_list.insert()
diff --git a/erpnext/stock/doctype/price_list/price_list.py b/erpnext/stock/doctype/price_list/price_list.py
index d992488fc6..a4ff25044b 100644
--- a/erpnext/stock/doctype/price_list/price_list.py
+++ b/erpnext/stock/doctype/price_list/price_list.py
@@ -51,6 +51,7 @@ class PriceList(Document):
 
 			if self.name == b.get(price_list_fieldname):
 				b.set(price_list_fieldname, None)
+				b.ignore_permissions = True
 				b.save()
 
 		for module in ["Selling", "Buying"]: