diff --git a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
index cb36581302..45494980d6 100644
--- a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
+++ b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
@@ -4,7 +4,8 @@
 from __future__ import unicode_literals
 import frappe
 from frappe import msgprint, _
-from frappe.utils import getdate
+from frappe.utils import getdate, add_days, add_years
+from datetime import timedelta
 
 from frappe.model.document import Document
 
@@ -34,11 +35,32 @@ class FiscalYear(Document):
 
 		if (getdate(self.year_end_date) - getdate(self.year_start_date)).days > 366:
 			frappe.throw(_("Fiscal Year Start Date and Fiscal Year End Date cannot be more than a year apart."))
+	
+		check_duplicate_fiscal_year(self)
 
-		year_start_end_dates = frappe.db.sql("""select name, year_start_date, year_end_date
-			from `tabFiscal Year` where name!=%s""", (self.name))
-
-		for fiscal_year, ysd, yed in year_start_end_dates:
-			if (getdate(self.year_start_date) == ysd and getdate(self.year_end_date) == yed) \
-				and (not frappe.flags.in_test):
+@frappe.whitelist()
+def check_duplicate_fiscal_year(doc):
+	year_start_end_dates = frappe.db.sql("""select name, year_start_date, year_end_date from `tabFiscal Year` where name!=%s""", (doc.name))
+	for fiscal_year, ysd, yed in year_start_end_dates:
+		if (getdate(doc.year_start_date) == ysd and getdate(doc.year_end_date) == yed) and (not frappe.flags.in_test):
 					frappe.throw(_("Fiscal Year Start Date and Fiscal Year End Date are already set in Fiscal Year {0}").format(fiscal_year))
+
+
+@frappe.whitelist()
+def auto_create_fiscal_year():
+	for d in frappe.db.sql("""select name from `tabFiscal Year` where year_end_date =(current_date + 3)"""):
+		try:
+			current_fy = frappe.get_doc("Fiscal Year", d[0])
+
+			new_fy = frappe.copy_doc(current_fy)
+
+			new_fy.year_start_date = add_days(current_fy.year_end_date, 1)
+			new_fy.year_end_date = add_years(current_fy.year_end_date, 1)
+
+			start_year = new_fy.year_start_date[:4]
+			end_year = new_fy.year_end_date[:4]
+			new_fy.year = start_year if start_year==end_year else (start_year + "-" + end_year)
+			
+			new_fy.insert()
+		except:
+			pass
\ No newline at end of file
diff --git a/erpnext/hooks.py b/erpnext/hooks.py
index f9ac629922..c919f5a544 100644
--- a/erpnext/hooks.py
+++ b/erpnext/hooks.py
@@ -45,6 +45,7 @@ scheduler_events = {
 		"erpnext.stock.utils.reorder_item",
 		"erpnext.setup.doctype.email_digest.email_digest.send",
 		"erpnext.support.doctype.support_ticket.support_ticket.auto_close_tickets"
+		"erpnext.accounts.doctype.fiscal_year.fiscal_year.auto_create_fiscal_year"
 	],
 	"daily_long": [
 		"erpnext.setup.doctype.backup_manager.backup_manager.take_backups_daily"