Tree for payment medium format &1 is not available

What causes this issue?

You chose "Use DME Engine" for payment medium format &V1& However,
there is no DMEE format tree of type "PAYM" with name &V1& in the
system.

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?

Before using the format, make sure that an active version of the format
tree &V1& exists.
To do this, use the <DS:TRAN.DMEE>DME Engine</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.