Currency translation cannot be carried out for element &1

What causes this issue?

Element &V1& does not contain a basic key figure or a variable of type
<ZK>Amount</>. You therefore cannot - and do not need to - perform a
currency translation.

System Response

Conversion &V2& with target currency &V3& ignored for element &V1&.

How to fix this error?

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.