diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 1f40ea1127a0..2bedb26f0f4b 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -41,7 +41,14 @@ def validate(self):
 		self.validate_item()
 		self.validate_cost_center()
 		self.set_missing_values()
+<<<<<<< HEAD
 		self.prepare_depreciation_data()
+=======
+		self.validate_finance_books()
+		if not self.split_from:
+			self.prepare_depreciation_data()
+			update_draft_asset_depr_schedules(self)
+>>>>>>> 0077659e93 (chore: asset finance books validation (#36979))
 		self.validate_gross_and_purchase_amount()
 		if self.get("schedules"):
 			self.validate_expected_value_after_useful_life()
@@ -197,6 +204,27 @@ def set_missing_values(self):
 			finance_books = get_item_details(self.item_code, self.asset_category)
 			self.set("finance_books", finance_books)
 
+	def validate_finance_books(self):
+		if not self.calculate_depreciation or len(self.finance_books) == 1:
+			return
+
+		finance_books = set()
+
+		for d in self.finance_books:
+			if d.finance_book in finance_books:
+				frappe.throw(
+					_("Row #{}: Please use a different Finance Book.").format(d.idx),
+					title=_("Duplicate Finance Book"),
+				)
+			else:
+				finance_books.add(d.finance_book)
+
+			if not d.finance_book:
+				frappe.throw(
+					_("Row #{}: Finance Book should not be empty since you're using multiple.").format(d.idx),
+					title=_("Missing Finance Book"),
+				)
+
 	def validate_asset_values(self):
 		if not self.asset_category:
 			self.asset_category = frappe.get_cached_value("Item", self.item_code, "asset_category")