Company code & not defined (Check your entry)

What causes this issue?

Company codes, which are to be posted in Asset Accounting, need
certain asset-specific parameters, in addition to the global FI
definition.
Company code &V1& is not defined for Asset Accounting.

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?

Enter another company code, or define the company code in Customizing
for Asset Accounting.

Error message extract from SAP system. Copyright SAP SE.