No profit center standard hierarchy or dummy profit center found

What causes this issue?

You want to enter a posting for the combination ledger &V1& in company
code &V2&. In company code &V2&, you use the feature <ZK>Profit Center
</> as the feature in <DS:SIMG.FAGL_ACTIV_SPL1_DC>Customizing for
Document Splitting</>.
However, in controlling area &V3& belonging to company code &V2&, an
entry is missing for the profit center standard hierarchy or the dummy
profit center. This means that Profit Center Accounting is not active.

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?

In controlling area &V3&, enter a profit center standard hierarchy or a
dummy profit center.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.