Menu Layer:

New: Create a new layer

Delete: Delete active layer

Merge All: Merge all layers to one image layer (Invisible layer will be removed).

Merge Down: Merge active layer with layer under this layer.

Convert to Image: Convert active non-image layer (text layer) to image layer.

Set Active Layer: Select active layer. Index starts from 0.

Properties: Change active layer properties setting.

Layer Control Panel has all functions that layer menu is able to do.