Error In Creating New Movement Type

Hi,
To upload the Consignee Stock, we have created a new Movement Type, say Z01 & Z02 copying the Movement Type 701 & 702.
We are able to upload the Stock using Z01 with correct FI Entry.
While doing the reversal, the following error is encountered:
The mvt type in the reference docmt cannot be converted
Message no. MIGO029
Diagnosis
You want to post a goods movement but the movement type that you want to use for the posting has not been maintained completely in the system.
Possible causes are:
The movement type is not permitted for this transaction.
No subsequent movement type has been defined.
You do not have authorization to post a goods movement using this movement type.
Procedure
Check your screen and field values.
If you do not have sufficient authorization, contact your system administrator.
If a movement type has not been maintained completely, the missing data must be maintained in Customizing for Inventory Management.
Make the appropriate settings in Customizing as necessary or inform your system administrator.
Pls. advise what to do?
Regards,
P K Karn

While exploring the Mov Type 701 & 702, I came to know that 702 is not the REVERSAL of 701 as I normally assume, hence I would be wrong if we think of 702 as reversal for 701.
Also I came to know that reversal is not possible for the documents created thru Physical Inventory i.e. using Mov Type 701.
Basis the above observations, I can conclude that I am going on a wrong track.
But still I am not able to find out the solutions.
I don't to use 501, as it will generate the FI Entries which I don't want.
Hoping some quick answers from you people.
Also would like to request to stop me, if my LOGIC is wrong.
Regards,

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