diff --git a/erpnext/patches.txt b/erpnext/patches.txt
index 0f4238c16b..641d7550e3 100644
--- a/erpnext/patches.txt
+++ b/erpnext/patches.txt
@@ -320,6 +320,7 @@ erpnext.patches.v15_0.update_gpa_and_ndb_for_assdeprsch
 erpnext.patches.v14_0.create_accounting_dimensions_for_closing_balance
 erpnext.patches.v14_0.update_closing_balances #14-07-2023
 execute:frappe.db.set_single_value("Accounts Settings", "merge_similar_account_heads", 0)
+erpnext.patches.v14_0.update_reference_type_in_journal_entry_accounts
 # below migration patches should always run last
 erpnext.patches.v14_0.migrate_gl_to_payment_ledger
 execute:frappe.delete_doc_if_exists("Report", "Tax Detail")
diff --git a/erpnext/patches/v14_0/update_reference_type_in_journal_entry_accounts.py b/erpnext/patches/v14_0/update_reference_type_in_journal_entry_accounts.py
new file mode 100644
index 0000000000..48b6bcf755
--- /dev/null
+++ b/erpnext/patches/v14_0/update_reference_type_in_journal_entry_accounts.py
@@ -0,0 +1,22 @@
+import frappe
+
+
+def execute():
+	"""
+	Update Propery Setters for Journal Entry with new 'Entry Type'
+	"""
+	new_reference_type = "Payment Entry"
+	prop_setter = frappe.db.get_list(
+		"Property Setter",
+		filters={
+			"doc_type": "Journal Entry Account",
+			"field_name": "reference_type",
+			"property": "options",
+		},
+	)
+	if prop_setter:
+		property_setter_doc = frappe.get_doc("Property Setter", prop_setter[0].get("name"))
+
+		if new_reference_type not in property_setter_doc.value.split("\n"):
+			property_setter_doc.value += "\n" + new_reference_type
+			property_setter_doc.save()