diff --git a/erpnext/patches/v14_0/update_closing_balances.py b/erpnext/patches/v14_0/update_closing_balances.py
index cd120b553c..47d26257be 100644
--- a/erpnext/patches/v14_0/update_closing_balances.py
+++ b/erpnext/patches/v14_0/update_closing_balances.py
@@ -2,8 +2,25 @@
 # License: MIT. See LICENSE
 
 
-# import frappe
+import frappe
+
+from erpnext.accounts.utils import get_fiscal_year
 
 
 def execute():
-	pass
+	company_wise_order = {}
+	for pcv in frappe.db.get_all(
+		"Period Closing Voucher",
+		fields=["company", "posting_date", "name"],
+		filters={"docstatus": 1},
+		order_by="posting_date",
+	):
+
+		company_wise_order.setdefault(pcv.company, [])
+		if pcv.posting_date not in company_wise_order[pcv.company]:
+			pcv_doc = frappe.get_doc("Period Closing Voucher", pcv.name)
+			pcv_doc.year_start_date = get_fiscal_year(
+				pcv.posting_date, pcv.fiscal_year, company=pcv.company
+			)[1]
+			pcv_doc.make_closing_entries()
+			company_wise_order[pcv.company].append(pcv.posting_date)