Release not defined for FM area &1

What causes this issue?

You want to define a budget type for release with FM area &V1&.
However, the release is not defined for this FM area.

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 define a budget type for release with FM area &V1&,
select the IMG activity <DS:SIMG.FMBCS_V_FMRELSTATE>Define Release
Scenario</>.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.