Go to G/L Setup - Options and click the Posting Tab... What is your Current Fiscal Year?

When you run Create New Year, what error message(s) does it return?

Posting Tab shows Current Fiscal Year as 2020.

When running Create New Year, there is no any error.

On a test copy, I did consecutive Create New Year and the year changed from 2019 to 2020 to 2021 to 2022 without any error but not closing entries generated.

The accounts for type Income Statement do have balances.

Posting Tab shows Current Fiscal Year as 2020.

When running Create New Year, there is no any error.

On a test copy, I did consecutive Create New Year and the year changed from 2019 to 2020 to 2021 to 2022 without any error but not closing entries generated.

The accounts for type Income Statement do have balances.

Run a trial balance for 2020 period 1.  Do you show balances in your income and expense accounts?

Yes, it shows balances in the income and expense accounts. For many, there have been no entries in 2020 yet so the balances from December 2019 shows for January 2020 also.

In Common Services - Fiscal Calendar, for year 2019, Is there a checkmark next to Active, Lock Adjustment Period and/or Lock Closing Period?  Which ones?

Yes, there is a checkmark next to Active. Neither Adjustment or Closing Periods are locked.