No control data found for the posting applications

What causes this issue?

There is no control data defined for the posting applications for
product type &V1& in company code &V2&.

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?

In the Customizing settings, enter the dunning lock and the payment
method for each application subfunction and flow type for the product
type &V1& in company code &V2& (see table TVDST).

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.