&1/&2 does not exist - first open a new approval year

What causes this issue?

You tried to repeat the fiscal year change or carry out year-end
closing for investment program &V3&/&V4&. Or you tried to have the
system propose plan or budget values from investment program &V3&/&V4&.
In order to do any of these, the new approval year &V2& for &V1&
already has to be open. However, this is not the case.

System Response

The function is not carried out.

How to fix this error?

First open new approval year &V2& for &V1&.

Error message extract from SAP system. Copyright SAP SE.