Asset class & not defined for AuC. Please correct.

What causes this issue?

Asset class &V1& is defined for handling assets under
construction with open item management.
You cannot use this class for depreciation simulation.

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?

Select a different asset class.

Error message extract from SAP system. Copyright SAP SE.