Hi Hasan,

I was trying to create recurring journals as per your videos. I got stuck with an issue which has been attached. I did search on metalink , looks like a patch needs to be applied. Is there any work around for this?

This has been discussed several times before as well.
GL requires you to assign operating unit for some of the functions.

You can create a dummy operating unit and assign it to the Site level and to your GL responsibility using the profile option MO: Operating Unit.
Recurring journal and mass allocation feature expects that you have assigned an operating unit to the GL. You do that through Accounting Setups screen.

If you are not planning to use subledger then simply create a dummy OU and asign it.
Go to your ledger and you will see Operating Units option. (This option will only appear if you have created legal entities).

Alternatively you can take first few AP videos (18) to understand the
concept of operating unit in detail and create a proper operating unit and assign it to the site.