No budgeting version defined for FM area &1

What causes this issue?

No budgeting version has been defined for FM area &V1&.

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 a budgeting version for this FM area, maintain the
version settings in the IMG activity <DS:TRAN.FMBOSTAT>Assignment of
Status</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.