Organization ID &1 does not exist

What causes this issue?

In the specification &V1&, an invalid organization ID is entered. This
organization ID does not exist in the IMDS company data.

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?

Enter a valid organization ID for the specification &V1&, in the
<LS>Contact Person</> property in the <LS>Organization IMDS</>
characteristic, or enter the new organization for the specification in
the IMDS company data (transaction <ZH>EHPRC_CPO01</>).

Error message extract from SAP system. Copyright SAP SE.