diff --git a/erpnext/accounts/doctype/shipping_rule/shipping_rule.js b/erpnext/accounts/doctype/shipping_rule/shipping_rule.js
index 5c02fd2f127..f9cc2cd7e43 100644
--- a/erpnext/accounts/doctype/shipping_rule/shipping_rule.js
+++ b/erpnext/accounts/doctype/shipping_rule/shipping_rule.js
@@ -9,10 +9,15 @@ frappe.ui.form.on("Shipping Rule", {
 	},
 
 	company: function (frm) {
+		if (frm.previous_company !== frm.doc.company) {
+			frm.previous_company = frm.doc.company;
+			frm.set_value("account", "");
+		}
 		erpnext.accounts.dimensions.update_dimension(frm, frm.doctype);
 	},
 
 	refresh: function (frm) {
+		frm.previous_company = frm.doc.company;
 		frm.set_query("account", function () {
 			return {
 				filters: {
diff --git a/erpnext/accounts/doctype/shipping_rule/shipping_rule.py b/erpnext/accounts/doctype/shipping_rule/shipping_rule.py
index 68da0eb519f..11ec45ccc2a 100644
--- a/erpnext/accounts/doctype/shipping_rule/shipping_rule.py
+++ b/erpnext/accounts/doctype/shipping_rule/shipping_rule.py
@@ -52,10 +52,23 @@ class ShippingRule(Document):
 	# end: auto-generated types
 
 	def validate(self):
+		self.validate_account_company()
 		self.validate_from_to_values()
 		self.sort_shipping_rule_conditions()
 		self.validate_overlapping_shipping_rule_conditions()
 
+	def validate_account_company(self):
+		if not self.company or not self.account:
+			return
+
+		if frappe.get_cached_value("Account", self.account, "company") != self.company:
+			throw(
+				_("Shipping Account {0} does not belong to Company {1}").format(
+					frappe.bold(self.account), frappe.bold(self.company)
+				),
+				title=_("Invalid Shipping Account"),
+			)
+
 	def validate_from_to_values(self):
 		if self.calculate_based_on == "Fixed":
 			if self.conditions:
diff --git a/erpnext/accounts/doctype/shipping_rule/test_shipping_rule.py b/erpnext/accounts/doctype/shipping_rule/test_shipping_rule.py
index a5a0ada8ba5..c9b7b30c6b5 100644
--- a/erpnext/accounts/doctype/shipping_rule/test_shipping_rule.py
+++ b/erpnext/accounts/doctype/shipping_rule/test_shipping_rule.py
@@ -15,6 +15,39 @@ test_records = frappe.get_test_records("Shipping Rule")
 
 
 class TestShippingRule(unittest.TestCase):
+	def test_account_company_on_insert(self):
+		for rule_type in ("Selling", "Buying"):
+			with self.subTest(shipping_rule_type=rule_type):
+				shipping_rule = frappe.copy_doc(test_records[0])
+				shipping_rule.label = f"{rule_type} Delivery"
+				shipping_rule.shipping_rule_type = rule_type
+				shipping_rule.company = "_Test Company 1"
+				shipping_rule.cost_center = None
+				with self.assertRaisesRegex(frappe.ValidationError, "does not belong to Company"):
+					shipping_rule.insert()
+
+	def test_account_company_on_update(self):
+		shipping_rule = frappe.copy_doc(test_records[0])
+		shipping_rule.label = "Standard Delivery"
+		shipping_rule.insert()
+		shipping_rule.company = "_Test Company 1"
+		shipping_rule.cost_center = None
+		with self.assertRaisesRegex(frappe.ValidationError, "does not belong to Company"):
+			shipping_rule.save()
+
+		shipping_rule.reload()
+		shipping_rule.company = "_Test Company 1"
+		shipping_rule.account = "_Test Account Shipping Charges - _TC1"
+		shipping_rule.cost_center = None
+		shipping_rule.save()
+		shipping_rule.reload()
+		self.assertEqual(shipping_rule.company, "_Test Company 1")
+		self.assertEqual(shipping_rule.account, "_Test Account Shipping Charges - _TC1")
+
+		shipping_rule.account = "_Test Account Shipping Charges - _TC"
+		with self.assertRaisesRegex(frappe.ValidationError, "does not belong to Company"):
+			shipping_rule.save()
+
 	def test_from_greater_than_to(self):
 		shipping_rule = frappe.copy_doc(test_records[0])
 		shipping_rule.name = test_records[0].get("name")