Updating values for material &1 &2 is not possible

What causes this issue?

Material &v1& with valuation type &v2& in valuation area &v3& has
period status &v4&. Entering further actual data is not allowed with
this period status.

System Response

The system does not post this transaction for the material entered.

How to fix this error?

You have the following options:
- Enter data for another period
- Cancel the closing entry for the period concerned

Error message extract from SAP system. Copyright SAP SE.