LAE is not compatible with Asset Accounting (new)

What causes this issue?

The business function <LS>FI-AA, Parallel Valuation</> (<AB>
FIN_AA_PARALLEL_VAL</>) is activated in the system. The Customizing
switch for new Asset Accounting (<AB>PARALLEL_VAL</>) is <LS>In
Preparation</> or <LS>Active</>.
However, the <LS>Lease Accounting Engine (LAE)</> is <ZH>not</>
compatible with this business function for new Asset Accounting.

System Response

It is <ZH>not</> possible to use the LAE together with new Asset
Accounting and to configure corresponding Customizing settings for the
LAE.

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.