Period version & in company code & has not been defined

What causes this issue?

The period version &V1& has been allocated to company code &V2& in
Financial Accounting.
This period version has not been (is no longer) defined.

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?

Define period version &V1&.

Error message extract from SAP system. Copyright SAP SE.