Fiscal year is in the future; processing is not possible

What causes this issue?

Fiscal year &V1& is <ZH>not</> yet open for company code &V2&.

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?

Correct your entries and choose an open fiscal year for company code
&V2&.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.