I am using Blender 3.4 beta. There is no vertex colour option in Bake Output Target. Tried Active Colour Attribute and got error "Mesh does not have active colour attribute 'Plane'.
Set it to Face Corner and Byte Color, to get the same 'format' as the 'old' Vertex Color.
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Omar Domenech
replied
Solution
Also, with your object selected, if you go into vertex paint mode, Blender will just automatically set up the color attribute for you and it'll work the same as the old vertex color.