Document type & is not defined

What causes this issue?

The document type for depreciation posting &V1& has not been defined or
has not been entered in the system parameters for posting depreciation.

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?

Create document type &V1& or specify a document type for posting
depreciation for the company code in question using the Asset
Accounting Customizing functions.

Error message extract from SAP system. Copyright SAP SE.