diff --git a/erpnext/setup/doctype/company/company.js b/erpnext/setup/doctype/company/company.js
index 8403193df5..95ca3867ee 100644
--- a/erpnext/setup/doctype/company/company.js
+++ b/erpnext/setup/doctype/company/company.js
@@ -46,43 +46,6 @@ frappe.ui.form.on("Company", {
 		});
 	},
 
-	change_abbreviation(frm) {
-		var dialog = new frappe.ui.Dialog({
-			title: "Replace Abbr",
-			fields: [
-				{"fieldtype": "Data", "label": "New Abbreviation", "fieldname": "new_abbr",
-					"reqd": 1 },
-				{"fieldtype": "Button", "label": "Update", "fieldname": "update"},
-			]
-		});
-
-		dialog.fields_dict.update.$input.click(function() {
-			var args = dialog.get_values();
-			if (!args) return;
-			frappe.show_alert(__("Update in progress. It might take a while."));
-			return frappe.call({
-				method: "erpnext.setup.doctype.company.company.enqueue_replace_abbr",
-				args: {
-					"company": frm.doc.name,
-					"old": frm.doc.abbr,
-					"new": args.new_abbr
-				},
-				callback: function(r) {
-					if (r.exc) {
-						frappe.msgprint(__("There were errors."));
-						return;
-					} else {
-						frm.set_value("abbr", args.new_abbr);
-					}
-					dialog.hide();
-					frm.refresh();
-				},
-				btn: this
-			});
-		});
-		dialog.show();
-	},
-
 	company_name: function(frm) {
 		if(frm.doc.__islocal) {
 			// add missing " " arg in split method
@@ -164,10 +127,6 @@ frappe.ui.form.on("Company", {
 					}, __('Manage'));
 				}
 			}
-
-			frm.add_custom_button(__('Change Abbreviation'), () => {
-				frm.trigger('change_abbreviation');
-			}, __('Manage'));
 		}
 
 		erpnext.company.set_chart_of_accounts_options(frm.doc);
diff --git a/erpnext/setup/doctype/company/company.json b/erpnext/setup/doctype/company/company.json
index 58cb52c04d..63d96bf85e 100644
--- a/erpnext/setup/doctype/company/company.json
+++ b/erpnext/setup/doctype/company/company.json
@@ -125,7 +125,8 @@
    "label": "Abbr",
    "oldfieldname": "abbr",
    "oldfieldtype": "Data",
-   "reqd": 1
+   "reqd": 1,
+   "set_only_once": 1
   },
   {
    "bold": 1,
@@ -747,10 +748,11 @@
  "image_field": "company_logo",
  "is_tree": 1,
  "links": [],
- "modified": "2021-07-12 11:27:06.353860",
+ "modified": "2021-10-04 12:09:25.833133",
  "modified_by": "Administrator",
  "module": "Setup",
  "name": "Company",
+ "naming_rule": "By fieldname",
  "nsm_parent_field": "parent_company",
  "owner": "Administrator",
  "permissions": [
@@ -808,4 +810,4 @@
  "sort_field": "modified",
  "sort_order": "ASC",
  "track_changes": 1
-}
+}
\ No newline at end of file
diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 87d67a5f9d..0b1b4a1ec0 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -399,44 +399,6 @@ class Company(NestedSet):
 		if not frappe.db.get_value('GL Entry', {'company': self.name}):
 			frappe.db.sql("delete from `tabProcess Deferred Accounting` where company=%s", self.name)
 
-@frappe.whitelist()
-def enqueue_replace_abbr(company, old, new):
-	kwargs = dict(queue="long", company=company, old=old, new=new)
-	frappe.enqueue('erpnext.setup.doctype.company.company.replace_abbr', **kwargs)
-
-
-@frappe.whitelist()
-def replace_abbr(company, old, new):
-	new = new.strip()
-	if not new:
-		frappe.throw(_("Abbr can not be blank or space"))
-
-	frappe.only_for("System Manager")
-
-	def _rename_record(doc):
-		parts = doc[0].rsplit(" - ", 1)
-		if len(parts) == 1 or parts[1].lower() == old.lower():
-			frappe.rename_doc(dt, doc[0], parts[0] + " - " + new, force=True)
-
-	def _rename_records(dt):
-		# rename is expensive so let's be economical with memory usage
-		doc = (d for d in frappe.db.sql("select name from `tab%s` where company=%s" % (dt, '%s'), company))
-		for d in doc:
-			_rename_record(d)
-	try:
-		frappe.db.auto_commit_on_many_writes = 1
-		for dt in ["Warehouse", "Account", "Cost Center", "Department",
-				"Sales Taxes and Charges Template", "Purchase Taxes and Charges Template"]:
-			_rename_records(dt)
-			frappe.db.commit()
-		frappe.db.set_value("Company", company, "abbr", new)
-
-	except Exception:
-		frappe.log_error(title=_('Abbreviation Rename Error'))
-	finally:
-		frappe.db.auto_commit_on_many_writes = 0
-
-
 def get_name_with_abbr(name, company):
 	company_abbr = frappe.get_cached_value('Company',  company,  "abbr")
 	parts = name.split(" - ")