General Journal - Number Sequence error in 10.0.5/PU29 VM

During journal creation, ran into issue - Cannot create a record in Ledger journal table (LedgerJournalTable). Journal batch number: 00480, RevRec. The record already exists. The issue existed in previous version of Virtual machine as well. The video explains the issue and how it can be resolved so you can continue to create journals in Dynamics 365 Finance.

[View:/cfs-file/__key/communityserver-blogs-components-weblogfiles/00-00-00-17-69/4431.General-Journal-_2D00_-Number-sequence-error.mp4:750:562]