No status assigned to version &1 in FM area &2

What causes this issue?

You want to use version &V1& in FM area &V2& but there is no status
assigned to version &V1& in FM area &V2&.

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?

If you want to use this version with this FM area, please maintain the
settings under <DS:TRAN.FMBOSTAT>Assignment of Status</>.
You can also select another version for budgeting in this FM area
instead.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.