diff --git a/erpnext/accounts/doctype/payment_entry/payment_entry.json b/erpnext/accounts/doctype/payment_entry/payment_entry.json
index 8703ab5b057..ca02e9dfdef 100644
--- a/erpnext/accounts/doctype/payment_entry/payment_entry.json
+++ b/erpnext/accounts/doctype/payment_entry/payment_entry.json
@@ -21,6 +21,7 @@
   "party_name",
   "book_advance_payments_in_separate_party_account",
   "reconcile_on_advance_payment_date",
+  "advance_reconciliation_takes_effect_on",
   "column_break_11",
   "bank_account",
   "party_bank_account",
@@ -783,6 +784,14 @@
    "options": "No\nYes",
    "print_hide": 1,
    "search_index": 1
+  },
+  {
+   "default": "Oldest Of Invoice Or Advance",
+   "fetch_from": "company.reconciliation_takes_effect_on",
+   "fieldname": "advance_reconciliation_takes_effect_on",
+   "fieldtype": "Select",
+   "label": "Advance Reconciliation Takes Effect On",
+   "options": "Advance Payment Date\nOldest Of Invoice Or Advance\nReconciliation Date"
   }
  ],
  "index_web_pages_for_search": 1,
@@ -796,7 +805,7 @@
    "table_fieldname": "payment_entries"
   }
  ],
- "modified": "2024-11-07 11:19:19.320883",
+ "modified": "2025-01-09 20:02:33.402163",
  "modified_by": "Administrator",
  "module": "Accounts",
  "name": "Payment Entry",
diff --git a/erpnext/accounts/doctype/payment_entry/payment_entry.py b/erpnext/accounts/doctype/payment_entry/payment_entry.py
index 402d4539142..8d22e0c0d29 100644
--- a/erpnext/accounts/doctype/payment_entry/payment_entry.py
+++ b/erpnext/accounts/doctype/payment_entry/payment_entry.py
@@ -71,12 +71,16 @@ class PaymentEntry(AccountsController):
 			PaymentEntryReference,
 		)
 
+		advance_reconciliation_takes_effect_on: DF.Literal[
+			"Advance Payment Date", "Oldest Of Invoice Or Advance", "Reconciliation Date"
+		]
 		amended_from: DF.Link | None
 		apply_tax_withholding_amount: DF.Check
 		auto_repeat: DF.Link | None
 		bank: DF.ReadOnly | None
 		bank_account: DF.Link | None
 		bank_account_no: DF.ReadOnly | None
+		base_in_words: DF.SmallText | None
 		base_paid_amount: DF.Currency
 		base_paid_amount_after_tax: DF.Currency
 		base_received_amount: DF.Currency
@@ -92,6 +96,8 @@ class PaymentEntry(AccountsController):
 		custom_remarks: DF.Check
 		deductions: DF.Table[PaymentEntryDeduction]
 		difference_amount: DF.Currency
+		in_words: DF.SmallText | None
+		is_opening: DF.Literal["No", "Yes"]
 		letter_head: DF.Link | None
 		mode_of_payment: DF.Link | None
 		naming_series: DF.Literal["ACC-PAY-.YYYY.-"]
@@ -119,6 +125,7 @@ class PaymentEntry(AccountsController):
 		purchase_taxes_and_charges_template: DF.Link | None
 		received_amount: DF.Currency
 		received_amount_after_tax: DF.Currency
+		reconcile_on_advance_payment_date: DF.Check
 		reference_date: DF.Date | None
 		reference_no: DF.Data | None
 		references: DF.Table[PaymentEntryReference]
diff --git a/erpnext/setup/doctype/company/company.json b/erpnext/setup/doctype/company/company.json
index 074c67583c4..1348d71ea35 100644
--- a/erpnext/setup/doctype/company/company.json
+++ b/erpnext/setup/doctype/company/company.json
@@ -75,6 +75,7 @@
   "advance_payments_section",
   "book_advance_payments_in_separate_party_account",
   "reconcile_on_advance_payment_date",
+  "reconciliation_takes_effect_on",
   "column_break_fwcf",
   "default_advance_received_account",
   "default_advance_paid_account",
@@ -825,6 +826,13 @@
   {
    "fieldname": "column_break_dcdl",
    "fieldtype": "Column Break"
+  },
+  {
+   "default": "Oldest Of Invoice Or Advance",
+   "fieldname": "reconciliation_takes_effect_on",
+   "fieldtype": "Select",
+   "label": "Reconciliation Takes Effect On",
+   "options": "Advance Payment Date\nOldest Of Invoice Or Advance\nReconciliation Date"
   }
  ],
  "icon": "fa fa-building",
@@ -832,7 +840,7 @@
  "image_field": "company_logo",
  "is_tree": 1,
  "links": [],
- "modified": "2024-12-02 15:37:32.723176",
+ "modified": "2025-01-09 20:01:14.818688",
  "modified_by": "Administrator",
  "module": "Setup",
  "name": "Company",
diff --git a/erpnext/setup/doctype/company/company.py b/erpnext/setup/doctype/company/company.py
index 54765420ad4..8cb384f1b28 100644
--- a/erpnext/setup/doctype/company/company.py
+++ b/erpnext/setup/doctype/company/company.py
@@ -87,6 +87,9 @@ class Company(NestedSet):
 		payment_terms: DF.Link | None
 		phone_no: DF.Data | None
 		reconcile_on_advance_payment_date: DF.Check
+		reconciliation_takes_effect_on: DF.Literal[
+			"Advance Payment Date", "Oldest Of Invoice Or Advance", "Reconciliation Date"
+		]
 		registration_details: DF.Code | None
 		rgt: DF.Int
 		round_off_account: DF.Link | None