diff --git a/addons/account_analytic_analysis/account_analytic_analysis.py b/addons/account_analytic_analysis/account_analytic_analysis.py
index 736a531cc66..a03329ddf65 100644
--- a/addons/account_analytic_analysis/account_analytic_analysis.py
+++ b/addons/account_analytic_analysis/account_analytic_analysis.py
@@ -22,7 +22,6 @@ from dateutil.relativedelta import relativedelta
 import datetime
 import logging
 import time
-import traceback
 
 from openerp.osv import osv, fields
 from openerp.osv.orm import intersect, except_orm
@@ -746,29 +745,31 @@ class account_analytic_account(osv.osv):
             contract_ids = ids
         else:
             contract_ids = self.search(cr, uid, [('recurring_next_date','<=', current_date), ('state','=', 'open'), ('recurring_invoices','=', True), ('type', '=', 'contract')])
-        for contract in self.browse(cr, uid, contract_ids, context=context):
-            try:
-                invoice_values = self._prepare_invoice(cr, uid, contract, context=context)
-                invoice_ids.append(self.pool['account.invoice'].create(cr, uid, invoice_values, context=context))
-                next_date = datetime.datetime.strptime(contract.recurring_next_date or current_date, "%Y-%m-%d")
-                interval = contract.recurring_interval
-                if contract.recurring_rule_type == 'daily':
-                    new_date = next_date+relativedelta(days=+interval)
-                elif contract.recurring_rule_type == 'weekly':
-                    new_date = next_date+relativedelta(weeks=+interval)
-                elif contract.recurring_rule_type == 'yearly':
-                    new_date = next_date+relativedelta(years=+interval)
-                else:
-                    new_date = next_date+relativedelta(months=+interval)
-                self.write(cr, uid, [contract.id], {'recurring_next_date': new_date.strftime('%Y-%m-%d')}, context=context)
-                if automatic:
-                    cr.commit()
-            except Exception:
-                if automatic:
-                    cr.rollback()
-                    _logger.error(traceback.format_exc())
-                else:
-                    raise
+        cr.execute('SELECT company_id, array_agg(id) as ids FROM account_analytic_account WHERE id IN %s GROUP BY company_id', (tuple(contract_ids),))
+        for company_id, ids in cr.fetchall():
+            for contract in self.browse(cr, uid, ids, context=dict(context, company_id=company_id, force_company=company_id)):
+                try:
+                    invoice_values = self._prepare_invoice(cr, uid, contract, context=context)
+                    invoice_ids.append(self.pool['account.invoice'].create(cr, uid, invoice_values, context=context))
+                    next_date = datetime.datetime.strptime(contract.recurring_next_date or current_date, "%Y-%m-%d")
+                    interval = contract.recurring_interval
+                    if contract.recurring_rule_type == 'daily':
+                        new_date = next_date+relativedelta(days=+interval)
+                    elif contract.recurring_rule_type == 'weekly':
+                        new_date = next_date+relativedelta(weeks=+interval)
+                    elif contract.recurring_rule_type == 'yearly':
+                        new_date = next_date+relativedelta(years=+interval)
+                    else:
+                        new_date = next_date+relativedelta(months=+interval)
+                    self.write(cr, uid, [contract.id], {'recurring_next_date': new_date.strftime('%Y-%m-%d')}, context=context)
+                    if automatic:
+                        cr.commit()
+                except Exception:
+                    if automatic:
+                        cr.rollback()
+                        _logger.exception('Fail to create recurring invoice for contract %s', contract.code)
+                    else:
+                        raise
         return invoice_ids
 
 class account_analytic_account_summary_user(osv.osv):