No budget type for release has been defined for FM area &1

What causes this issue?

There is no budget type defined for release.

System Response

Processing stops.

How to fix this error?

You should first <DS:SIMG.FMBCS_V_FMRELTYPEDEF>Define Budget Type for
Release</>.
Then <DS:SIMG.FMBCS_V_FMPRTCOMB>Assign Budget Type for Releases to
Processes</>.
Finally, you should <DS:SIMG._ISPSFFM_N_VC_FMSTAT>Maintain Status</> in
order to create the release data.

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.