diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index b04eeb85a8..c2f14aaacf 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -340,4 +340,5 @@ erpnext.patches.v14_0.rearrange_company_fields
 erpnext.patches.v14_0.update_leave_notification_template
 erpnext.patches.v14_0.restore_einvoice_fields
 erpnext.patches.v13_0.update_sane_transfer_against
-erpnext.patches.v12_0.add_company_link_to_einvoice_settings
\ No newline at end of file
+erpnext.patches.v12_0.add_company_link_to_einvoice_settings
+erpnext.patches.v14_0.migrate_cost_center_allocations
diff --git a/erpnext/patches/v14_0/migrate_cost_center_allocations.py b/erpnext/patches/v14_0/migrate_cost_center_allocations.py
new file mode 100644
index 0000000000..ab8da12412
--- /dev/null
+++ b/erpnext/patches/v14_0/migrate_cost_center_allocations.py
@@ -0,0 +1,45 @@
+import frappe
+from frappe.utils import today
+
+def execute():
+	for dt in ("cost_center_allocation", "cost_center_allocation_percentage"):
+		frappe.reload_doc('accounts', 'doctype', dt)
+
+	cc_allocations = get_existing_cost_center_allocations()
+	create_new_cost_center_allocation_records(cc_allocations)
+
+	frappe.delete_doc('DocType', 'Distributed Cost Center', ignore_missing=True)
+
+def create_new_cost_center_allocation_records(cc_allocations):
+	for main_cc, allocations in cc_allocations.items():
+		cca = frappe.new_doc("Cost Center Allocation")
+		cca.main_cost_center = main_cc
+		cca.valid_from = today()
+
+		for child_cc, percentage in allocations.items():
+			cca.append("allocation_percentages", ({
+				"cost_center": child_cc,
+				"percentage": percentage
+			}))
+		
+		cca.save()
+		cca.submit()
+
+
+def get_existing_cost_center_allocations():
+	par = frappe.qb.DocType("Cost Center")
+	child = frappe.qb.DocType("Distributed Cost Center")
+
+	records = (
+		frappe.qb.from_(par)
+			.inner_join(child).on(par.name == child.parent)
+			.select(par.name, child.cost_center, child.percentage_allocation)
+			.where(par.enable_distributed_cost_center == 1)
+	).run(as_dict=True)
+
+	cc_allocations = frappe._dict()
+	for d in records:
+		cc_allocations.setdefault(d.name, frappe._dict())\
+			.setdefault(d.cost_center, d.percentage_allocation)
+
+	return cc_allocations
\ No newline at end of file