Posting not possible in company code &1; specify closed fiscal year

What causes this issue?

For company code &V1& in Asset Accounting, the open fiscal year has
<ZH>not</> yet been specified.
This error typically occurs when setting up a new company code.

System Response

Posting is <ZH>not</> possible.

How to fix this error?

Check and correct the settings for the company code (with the
<LS>Company Code Settings</> app).
There are two options available to specify the fiscal year in Asset
Accounting:
If you want to perform a legacy data transfer and a legacy data transfer
segment is not yet specified, create a new legacy data transfer and
specify a transfer date. Background: When this first legacy data
transfer segment is created, the system implicitly derives the current
fiscal year and the last closed fiscal year from the legacy data
transfer date field (if these fields have <ZH>not</> yet been filled).
&EXAMPLE&:
You create a new legacy data transfer segment and specify the legacy
transfer date on the last day of fiscal year 2020 which is December 31,
2020.
=> The derived closed fiscal year is 2020.
=> The derived open fiscal year is 2021.
If you do <ZH>not</> want to perform a legacy data transfer or a legacy
data transfer segment already exists, you have to specify the fiscal
year manually. Therefore, you have to specify the current fiscal year on
ledger level for every ledger of the company code. This is only
possible, if the current fiscal year is <ZH>not</> yet specified or if
no postings exist in the company code. After you specified the current
fiscal year, the system will set the closed fiscal year accordingly. If
you want to change the closed fiscal year, please use the existing
functionality to close or reopen a fiscal year.

Procedure for System Administrators

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

How can this happen?

Error message extract from SAP system. Copyright SAP SE.