The Cycles add-on must be enabled.
Enable Cycles in Edit > Preferences > Add-ons and try again.
Switch to Object Mode.
The bake runs only in Object Mode. Press Tab to leave Edit Mode.
Select 2 objects: Source, then Ctrl+Click Target.

Transfer BC needs exactly two mesh objects. Click the Source first, then Ctrl+Click the Target so it is the active object.

Scale of '...' is not applied.
Press the Apply Scale button that appears in the panel, or select the model and use Ctrl+A > Scale.
Target material slot N is empty. / Material slot N is empty.
The model has a material slot without a material. Assign a material to it or remove the empty slot.
Save the .blend file first, or pick an absolute output folder.
The default folder // is relative to the .blend file, so the file must be saved first. Or type a full path such as C:\Textures\.
$3

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Details
Blender Extension Compatible Yes
Published about 3 hours ago
Blender Version 4.2 - 5.2
Extension Type Add-on
Render Engine Used Cycles
License GPL