Not possible to set valuation type without company code

What causes this issue?

The info record you are maintaining is valid for all plants of
purchasing organization &V1&, but this purchasing organization has not
been assigned to a <GL:company_code>company code</>. The system was
therefore unable to determine a valuation area.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

INCLUDE SYSADMIN1_NA LANGUAGE EN
INCLUDE NA_T160M LANGUAGE EN

Error message extract from SAP system. Copyright SAP SE.