diff --git a/erpnext/accounts/doctype/payment_entry/payment_entry.py b/erpnext/accounts/doctype/payment_entry/payment_entry.py
index c7912ce227f..1cecab74ef3 100644
--- a/erpnext/accounts/doctype/payment_entry/payment_entry.py
+++ b/erpnext/accounts/doctype/payment_entry/payment_entry.py
@@ -1029,14 +1029,14 @@ def get_payment_entry(dt, dn, party_amount=None, bank_account=None, bank_amount=
 		if bank_amount:
 			received_amount = bank_amount
 		else:
-			received_amount = paid_amount * doc.conversion_rate
+			received_amount = paid_amount * doc.get('conversion_rate', 1)
 	else:
 		received_amount = abs(outstanding_amount)
 		if bank_amount:
 			paid_amount = bank_amount
 		else:
 			# if party account currency and bank currency is different then populate paid amount as well
-			paid_amount = received_amount * doc.conversion_rate
+			paid_amount = received_amount * doc.get('conversion_rate', 1)
 
 	pe = frappe.new_doc("Payment Entry")
 	pe.payment_type = payment_type