diff --git a/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py b/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
index 88a2ca575ac5d19afc9038fffe9871a5b4d40d1e..03cb4453ec6dec60c896c893c0c9a847cb3b456a 100644
--- a/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
+++ b/erpnext/accounts/doctype/period_closing_voucher/period_closing_voucher.py
@@ -47,7 +47,8 @@ class PeriodClosingVoucher(AccountsController):
 				enqueue_after_commit=True,
 			)
 			frappe.msgprint(
-				_("The GL Entries will be cancelled in the background, it can take a few minutes."), alert=True
+				_("The GL Entries will be cancelled in the background, it can take a few minutes."),
+				alert=True,
 			)
 		else:
 			make_reverse_gl_entries(voucher_type="Period Closing Voucher", voucher_no=self.name)
@@ -89,9 +90,7 @@ class PeriodClosingVoucher(AccountsController):
 			self.posting_date, self.fiscal_year, self.company, label=_("Posting Date"), doc=self
 		)
 
-		self.year_start_date = get_fiscal_year(
-			self.posting_date, self.fiscal_year, company=self.company
-		)[1]
+		self.year_start_date = get_fiscal_year(self.posting_date, self.fiscal_year, company=self.company)[1]
 
 		self.check_if_previous_year_closed()
 
@@ -117,18 +116,28 @@ class PeriodClosingVoucher(AccountsController):
 
 	def check_if_previous_year_closed(self):
 		last_year_closing = add_days(self.year_start_date, -1)
-
 		previous_fiscal_year = get_fiscal_year(last_year_closing, company=self.company, boolean=True)
+		if not previous_fiscal_year:
+			return
 
-		if previous_fiscal_year and not frappe.db.exists(
+		previous_fiscal_year_start_date = previous_fiscal_year[0][1]
+		if not frappe.db.exists(
 			"GL Entry",
-			{"posting_date": ("<=", last_year_closing), "company": self.company, "is_cancelled": 0},
+			{
+				"posting_date": ("between", [previous_fiscal_year_start_date, last_year_closing]),
+				"company": self.company,
+				"is_cancelled": 0,
+			},
 		):
 			return
 
-		if previous_fiscal_year and not frappe.db.exists(
+		if not frappe.db.exists(
 			"Period Closing Voucher",
-			{"posting_date": ("<=", last_year_closing), "docstatus": 1, "company": self.company},
+			{
+				"posting_date": ("between", [previous_fiscal_year_start_date, last_year_closing]),
+				"docstatus": 1,
+				"company": self.company,
+			},
 		):
 			frappe.throw(_("Previous Year is not closed, please close it first"))
 
@@ -205,7 +214,9 @@ class PeriodClosingVoucher(AccountsController):
 				"credit_in_account_currency": abs(flt(acc.bal_in_account_currency))
 				if flt(acc.bal_in_account_currency) > 0
 				else 0,
-				"credit": abs(flt(acc.bal_in_company_currency)) if flt(acc.bal_in_company_currency) > 0 else 0,
+				"credit": abs(flt(acc.bal_in_company_currency))
+				if flt(acc.bal_in_company_currency) > 0
+				else 0,
 				"is_period_closing_voucher_entry": 1,
 			},
 			item=acc,
@@ -229,7 +240,9 @@ class PeriodClosingVoucher(AccountsController):
 				"credit_in_account_currency": abs(flt(acc.bal_in_account_currency))
 				if flt(acc.bal_in_account_currency) < 0
 				else 0,
-				"credit": abs(flt(acc.bal_in_company_currency)) if flt(acc.bal_in_company_currency) < 0 else 0,
+				"credit": abs(flt(acc.bal_in_company_currency))
+				if flt(acc.bal_in_company_currency) < 0
+				else 0,
 				"is_period_closing_voucher_entry": 1,
 			},
 			item=acc,