No not-relevant elements selected for FM area &1 and fiscal year &2

What causes this issue?

When you maintain budget/posting addresses in the multi-level budget
structure, no FM account assignment (FMAA) element is selected for
not-relevant FMAA in FM area &V1& and fiscal year &V2&.
Possible causes are:.
No master data maintained
The selection options you specified on the selection screen are too
restrict.

System Response

Processing stops.

How to fix this error?

Maintain corresponding master data in FM area&V1& and fiscal year &V2&
or change the selection options.

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.

Error message extract from SAP system. Copyright SAP SE.