BOL object &1 does not exist; contact system administrator

What causes this issue?

This problem occurs because of an error in the backend configuration.

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?

Contact your system administrator.

Procedure for System Administrators

The Business Object Layer (BOL) object &V1& specified in customizing
does not exist in the system. To fix this problem, configure the BOL
object in the <LS>Configure Integration to Backend Transactions</>
Customizing activity so that it points to a BOL object that exists.

Error message extract from SAP system. Copyright SAP SE.