diff --git a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
index a44b75670ca..c1b4663631b 100644
--- a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
+++ b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
@@ -204,9 +204,6 @@ class DocType:
 		if sql("select name from `tabFiscal Year` where year_start_date < %s", self.doc.year_start_date) and not self.doc.past_year:
 			msgprint("Please enter Past Year", raise_exception=1)
 
-		if not self.doc.is_fiscal_year_closed:
-			self.doc.is_fiscal_year_closed = 'No'
-
 
 	# on update
 	def on_update(self):
diff --git a/erpnext/setup/doctype/setup_control/setup_control.py b/erpnext/setup/doctype/setup_control/setup_control.py
index 444b796f3cc..ee1cb7e4ab9 100644
--- a/erpnext/setup/doctype/setup_control/setup_control.py
+++ b/erpnext/setup/doctype/setup_control/setup_control.py
@@ -49,9 +49,7 @@ class DocType:
 		master_dict = {'Fiscal Year':{
 			'year': curr_fiscal_year,
 			'year_start_date': fy_start_date,
-			'abbreviation': fy_abbr,
-			'company': args.get('company_name'),
-			'is_fiscal_year_closed': 'No'}}
+			'company': args.get('company_name')}}
 		self.create_records(master_dict)
 		
 		# Company