diff --git a/erpnext/accounts/utils.py b/erpnext/accounts/utils.py
index 7e67085f5dd..0ae4db3673c 100644
--- a/erpnext/accounts/utils.py
+++ b/erpnext/accounts/utils.py
@@ -1571,6 +1571,18 @@ def auto_create_exchange_rate_revaluation_weekly() -> None:
 	create_err_and_its_journals(companies)
 
 
+def auto_create_exchange_rate_revaluation_monthly() -> None:
+	"""
+	Executed by background job
+	"""
+	companies = frappe.db.get_all(
+		"Company",
+		filters={"auto_exchange_rate_revaluation": 1, "auto_err_frequency": "Montly"},
+		fields=["name", "submit_err_jv"],
+	)
+	create_err_and_its_journals(companies)
+
+
 def get_payment_ledger_entries(gl_entries, cancel=0):
 	ple_map = []
 	if gl_entries:
diff --git a/erpnext/hooks.py b/erpnext/hooks.py
index 021cf4deb63..ae6a15bfd8d 100644
--- a/erpnext/hooks.py
+++ b/erpnext/hooks.py
@@ -463,6 +463,7 @@ scheduler_events = {
 	"monthly_long": [
 		"erpnext.accounts.deferred_revenue.process_deferred_accounting",
 		"erpnext.loan_management.doctype.process_loan_interest_accrual.process_loan_interest_accrual.process_loan_interest_accrual_for_demand_loans",
+		"erpnext.accounts.utils.auto_create_exchange_rate_revaluation_monthly",
 	],
 }
 
diff --git a/erpnext/setup/doctype/company/company.json b/erpnext/setup/doctype/company/company.json
index 70a0872a2c4..fd121336827 100644
--- a/erpnext/setup/doctype/company/company.json
+++ b/erpnext/setup/doctype/company/company.json
@@ -698,7 +698,7 @@
    "fieldname": "auto_err_frequency",
    "fieldtype": "Select",
    "label": "Frequency",
-   "options": "Daily\nWeekly"
+   "options": "Daily\nWeekly\nMonthly"
   },
   {
    "default": "0",
@@ -712,7 +712,7 @@
  "image_field": "company_logo",
  "is_tree": 1,
  "links": [],
- "modified": "2024-05-27 17:32:49.057386",
+ "modified": "2024-07-24 18:17:56.413971",
  "modified_by": "Administrator",
  "module": "Setup",
  "name": "Company",