Profile &2: Target account &1 has no cost element category '01'

What causes this issue?

Target accounts used for splitting must be assigned to cost element
category '01' (Primary cost/cost-reducing revenues). The target account
&V1& is not assigned to cost element category '01'. Saving not possible.

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

System Response

How to fix this error?

Replace target account &V1& for profile &V2& by a correct account
assigned to cost element category '01'.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.