diff --git a/erpnext/stock/doctype/item/item.json b/erpnext/stock/doctype/item/item.json
index fde016527c..680e7ccb3b 100644
--- a/erpnext/stock/doctype/item/item.json
+++ b/erpnext/stock/doctype/item/item.json
@@ -327,6 +327,32 @@
    "set_only_once": 0, 
    "unique": 0
   }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "depends_on": "eval:(doc.__islocal && doc.is_stock_item && doc.opening_stock)", 
+   "fieldname": "valuation_rate", 
+   "fieldtype": "Currency", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 0, 
+   "label": "Valuation Rate", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
   {
    "allow_on_submit": 0, 
    "bold": 1, 
@@ -338,7 +364,7 @@
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
    "in_list_view": 0, 
-   "label": "Standard Rate", 
+   "label": "Standard Selling Rate", 
    "length": 0, 
    "no_copy": 0, 
    "permlevel": 0, 
@@ -352,6 +378,58 @@
    "set_only_once": 0, 
    "unique": 0
   }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "fieldname": "is_fixed_asset", 
+   "fieldtype": "Check", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 0, 
+   "label": "Is Fixed Asset", 
+   "length": 0, 
+   "no_copy": 0, 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "depends_on": "is_fixed_asset", 
+   "fieldname": "asset_category", 
+   "fieldtype": "Link", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_list_view": 0, 
+   "label": "Asset Category", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "Asset Category", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
   {
    "allow_on_submit": 0, 
    "bold": 0, 
@@ -2229,7 +2307,7 @@
  "issingle": 0, 
  "istable": 0, 
  "max_attachments": 1, 
- "modified": "2016-06-27 17:41:38.336900", 
+ "modified": "2016-07-06 16:00:45.561339", 
  "modified_by": "Administrator", 
  "module": "Stock", 
  "name": "Item", 
diff --git a/erpnext/stock/doctype/item/item.py b/erpnext/stock/doctype/item/item.py
index 2f346bc66e..eee88bc517 100644
--- a/erpnext/stock/doctype/item/item.py
+++ b/erpnext/stock/doctype/item/item.py
@@ -118,6 +118,9 @@ class Item(WebsiteGenerator):
 
 	def set_opening_stock(self):
 		'''set opening stock'''
+		if not self.valuation_rate:
+			frappe.throw(_("Valuation Rate is mandatory if Opening Stock entered"))		
+		
 		from erpnext.stock.doctype.stock_entry.stock_entry_utils import make_stock_entry
 
 		# default warehouse, or Stores
@@ -125,9 +128,8 @@ class Item(WebsiteGenerator):
 			or frappe.db.get_value('Warehouse', {'warehouse_name': _('Stores')}))
 
 		if default_warehouse:
-			stock_entry = make_stock_entry(item_code=self.name,
-				target=default_warehouse,
-				qty=self.opening_stock)
+			stock_entry = make_stock_entry(item_code=self.name, target=default_warehouse,
+				qty=self.opening_stock, rate=self.valuation_rate)
 
 			stock_entry.add_comment("Comment", _("Opening Stock"))