No posting cut-off has been made for bank area &1

What causes this issue?

No posting date can be determined for bank area &V1&, as no posting
cut-off has been made for payment transactions yet.
If a bank area has been newly created, this bank area must be linked to
the posting date before a posting cut-off can be performed. However,
you need only do this once.
If you have created a bank area, in the BCA application choose Periodic
tasks-> Posting date-> Payment transactions-> Balancing
Enter the posting date and save your entries.

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?

Execute a posting cut-off.

Error message extract from SAP system. Copyright SAP SE.