Error message “Posting definitions are required for year-end general ledger close.” in AX 2012

When you try to generate opening transactions in AX 2012, you get an error message "Posting definitions are required for year-end general ledger close. Select 'Use posting definitions' checkbox on General ledger parameters".

This warning message occurs if the Public Sector is a registered product. In AX2012 Public Sector feature depends on the Posting Definitions and Transaction Posting Definitions being created.

A. Are you using the Public Sector feature? If this feature is not used, here are suggestions to resolve the warning message:
1.  Go to System Admin | Setup | Licensing | License Information
2.  Click the Feature Sets tab
3.  Locate the Public Sector code and delete the license code
4.  Close the form and you will be asked to synchronize AOT
5.  Restart the AOS

B. If you are using Public Sector, you will need to setup the Posting Definitions and Transactions posting definitions.

More information about this setup is found through the article link below:

Transfer opening balances to a new fiscal year [AX 2012]

Examples: Posting definitions (Public sector) [AX 2012]