Budget type group &1 does not exist for FM area &2, for &3

What causes this issue?

The budget type group &V1& that you want to use is not defined in FM
area &V2& for &V3&.

System Response

Processing stops.

How to fix this error?

If the budget type group is used for budgeting purposes, you can define
the budget type group in the IMG activity <DS:SIMG.FMBCS_VC_FMBTG>Define
Budget Type Groups</>.
If the budget type group is used for statistical purposes, you can
define the budget type group in the IMG activity
<DS:SIMG.PSM_VC_FMSBTG>Define Budget Type Group for Statistical Budget
</>.

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.