Account &1, house bank &2/&3, company code &4 is not a valid combination

What causes this issue?

For combination of house bank/account only G/L accounts of
GL account subtype 'Bank Sub Account' or 'Bank Reconciliation Account'
can be used.

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?

Either choose a different combination or a G/L account with appropriate
GL account subtype subtype.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.