diff --git a/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.js b/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.js
index 4053405971163fee432db73f7b84dc7d7acf60bf..57d0c59329c2c912f26e2ce46377348ba9e00451 100644
--- a/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.js
+++ b/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.js
@@ -54,6 +54,9 @@ frappe.ui.form.on("Process Statement Of Accounts", {
 			};
 		});
 		frm.set_query("account", function () {
+			if (!frm.doc.company) {
+				frappe.throw(__("Please set Company"));
+			}
 			return {
 				filters: {
 					company: frm.doc.company,
@@ -61,6 +64,9 @@ frappe.ui.form.on("Process Statement Of Accounts", {
 			};
 		});
 		frm.set_query("cost_center", function () {
+			if (!frm.doc.company) {
+				frappe.throw(__("Please set Company"));
+			}
 			return {
 				filters: {
 					company: frm.doc.company,
@@ -68,6 +74,9 @@ frappe.ui.form.on("Process Statement Of Accounts", {
 			};
 		});
 		frm.set_query("project", function () {
+			if (!frm.doc.company) {
+				frappe.throw(__("Please set Company"));
+			}
 			return {
 				filters: {
 					company: frm.doc.company,
@@ -79,6 +88,11 @@ frappe.ui.form.on("Process Statement Of Accounts", {
 			frm.set_value("to_date", frappe.datetime.get_today());
 		}
 	},
+	company: function (frm) {
+		frm.set_value("account", "");
+		frm.set_value("cost_center", "");
+		frm.set_value("project", "");
+	},
 	report: function (frm) {
 		let filters = {
 			company: frm.doc.company,
diff --git a/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.py b/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.py
index 714ed62379661d9ece3871375eb12eb61f34d0fb..bbf59aa7f02290a0f2be035bf52971af1a9af7b3 100644
--- a/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.py
+++ b/erpnext/accounts/doctype/process_statement_of_accounts/process_statement_of_accounts.py
@@ -82,6 +82,10 @@ class ProcessStatementOfAccounts(Document):
 	# end: auto-generated types
 
 	def validate(self):
+		self.validate_account()
+		self.validate_company_for_table("Cost Center")
+		self.validate_company_for_table("Project")
+
 		if not self.subject:
 			self.subject = "Statement Of Accounts for {{ customer.customer_name }}"
 		if not self.body:
@@ -104,6 +108,43 @@ class ProcessStatementOfAccounts(Document):
 				self.to_date = self.start_date
 				self.from_date = add_months(self.to_date, -1 * self.filter_duration)
 
+	def validate_account(self):
+		if not self.account:
+			return
+
+		if self.company != frappe.get_cached_value("Account", self.account, "company"):
+			frappe.throw(
+				_("Account {0} doesn't belong to Company {1}").format(
+					frappe.bold(self.account),
+					frappe.bold(self.company),
+				)
+			)
+
+	def validate_company_for_table(self, doctype):
+		field = frappe.scrub(doctype)
+		if not self.get(field):
+			return
+
+		fieldname = field + "_name"
+
+		values = set(d.get(fieldname) for d in self.get(field))
+		invalid_values = frappe.db.get_all(
+			doctype, filters={"name": ["in", values], "company": ["!=", self.company]}, pluck="name"
+		)
+
+		if invalid_values:
+			msg = _("<p>Following {0}s doesn't belong to Company {1} :</p>").format(
+				doctype, frappe.bold(self.company)
+			)
+
+			msg += (
+				"<ul>"
+				+ "".join(_("<li>{}</li>").format(frappe.bold(row)) for row in invalid_values)
+				+ "</ul>"
+			)
+
+			frappe.throw(_(msg))
+
 
 def get_report_pdf(doc, consolidated=True):
 	statement_dict = get_statement_dict(doc)