Budget Completion Journal - Master is Complete Error showing Last Year

When attempting to output/post a Budget Completion Journal, the following error occurs:

ERR - MASTER IS COMPLETE: Budget already established for XXXX

However, the year on the error message is showing last year as opposed to the new fiscal year.

• General Ledger
• Budgeting
• Budget Completion Journal
• Budget Settings

The Budget Setting for Budget Preparation Year has not been updated

To update the Budget Preparation Year, go to:

Financials>Budget Processing>Budget Settings

1. Update
2. Change the Budget Preparation Year to the new Fiscal Year
3. Accept

Make sure to re-open the Budget Completion Journal/Update from the menu before trying to post again.