diff --git a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
index 25aa3f30363..f97fcf1ec34 100644
--- a/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
+++ b/erpnext/accounts/doctype/fiscal_year/fiscal_year.py
@@ -99,7 +99,7 @@ class FiscalYear(Document):
 				)
 
 				overlap = False
-				if not self.get("companies") or not company_for_existing:
+				if not self.get("companies") and not company_for_existing:
 					overlap = True
 
 				for d in self.get("companies"):