The following error message may display when processing a journal batch in any module (AR, AP, GL, Inventory):

The following steps explain how to resolve the abovementioned error:
1. Go to the Common | Maintenance | Company details | Accounting Periods tab.
2. Select the option Add Financial Year highlighted below:

3. When the new Accounting Year is added on this screen, click the OK button to save your changes.
4. You should now be able to process the journal batch.