Apologies, but having been reminded by @dalacor of my previous comments I am going to delist this topic from the Ideas category. First my previous comments and then illustrated reasons.
The reversing journal is the traditional approach, but the more modern approach is to leave the accrual expense in the BS accrual account and then allocate the invoice directly to that BS accrual account. When reversing a Journal your income / expense account show a false value (balance) until the next related transaction is posted. Also, for year end accounts, by not reversing you are keeping previous year P&L chatter out of your current year P&L.
Using @Beery example:
On the last day of the month they take up an accrual for Light & Power at 500.00
On the first day of the next month they reverse that Journal, this now implies that this expense account is now in profit for the month until the invoice arrives, if that is not until the 15th of the month then the P&L statement is being distorted until then. If you have 8 different income / expenses which you accrue at month end, then that is 8 different distortions to the P&L.
If the Light & Power Invoice is only received quarterly then the situation only gets worse (messier).
End of Jan (31st) you accrue an expense of 500.00
Beginning of Feb (1st) you reverse that accrual so the account shows:
For a Feb only P&L (as at Feb 1) a 500.00 profit.
For a Jan to Feb YTD P&L (as at Feb 1) a zero balance
End of Feb (28th) you accrue an expense of 1000.00
For a Feb only P&L (1st to 28th) a 1000.00 accrual but only a 500.00 expense.
For a Jan to Feb YTD P&L (Jan 1 to Feb 28) a 1000.00 accrual and a 1000 expense
Then for March the whole process repeats. This accrual / reversal is just unnecessary duplication and it also creates really messy ledgers.
Whereas if the monthly accruals are retained in the BS then the ledgers are much cleaner.
Besides which, you can clone a previous journal which shortcuts the creation if each month end accrual is similar.