Created Report Sequences but they don't appear to be working

Hi,

I setup Report Sequences as follows:

Navigation Path: General Ledger Super User PL > Setup > Financials > Accounting Setup Manager > Accounting Setup

1. Select Primary Ledger and Update Accounting Options
2. Update Sequencing
3. Create new Sequencing Context
4. Enter Name, Sequence Entity: GL Journal Entry, Event: GL Period Close, Select Balancing Segment Value
5. Click Assign Sequences
6. Create Sequence
7. Enter Sequence Name, Desciption, Version Name, Start/End date, Seq value and Initial number
8. Apply x 2
9. Create the same for SLA, but assign same sequence

After this, I made sure all periods of that year were open, then closed First month. Checked the journals and SLA journals and no sequences were assigned.