diff --git a/erpnext/accounts/utils.py b/erpnext/accounts/utils.py
index 2558e976bea..0450221222d 100644
--- a/erpnext/accounts/utils.py
+++ b/erpnext/accounts/utils.py
@@ -1598,6 +1598,18 @@ 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 028acc9cb11..527be6ab337 100644
--- a/erpnext/hooks.py
+++ b/erpnext/hooks.py
@@ -456,6 +456,7 @@ scheduler_events = {
 	],
 	"monthly_long": [
 		"erpnext.accounts.deferred_revenue.process_deferred_accounting",
+		"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 787b0826f01..284bd2b7f22 100644
--- a/erpnext/setup/doctype/company/company.json
+++ b/erpnext/setup/doctype/company/company.json
@@ -754,7 +754,7 @@
    "fieldname": "auto_err_frequency",
    "fieldtype": "Select",
    "label": "Frequency",
-   "options": "Daily\nWeekly"
+   "options": "Daily\nWeekly\nMonthly"
   },
   {
    "default": "0",
@@ -808,7 +808,7 @@
  "image_field": "company_logo",
  "is_tree": 1,
  "links": [],
- "modified": "2024-06-21 17:46:25.567565",
+ "modified": "2024-07-24 18:17:56.413971",
  "modified_by": "Administrator",
  "module": "Setup",
  "name": "Company",
diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 87d14e3c6b4..f79ea60f5c4 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -31,7 +31,7 @@ class Company(NestedSet):
 		accumulated_depreciation_account: DF.Link | None
 		allow_account_creation_against_child_company: DF.Check
 		asset_received_but_not_billed: DF.Link | None
-		auto_err_frequency: DF.Literal["Daily", "Weekly"]
+		auto_err_frequency: DF.Literal["Daily", "Weekly", "Monthly"]
 		auto_exchange_rate_revaluation: DF.Check
 		book_advance_payments_in_separate_party_account: DF.Check
 		capital_work_in_progress_account: DF.Link | None