Fiscal year variant & is not defined for comp.code &

What causes this issue?

Fiscal year variant &V1& defined for the company code was deleted.

System Response

Payments in company code &V2& cannot be created.

How to fix this error?

<ZH>Procedure for the system administrator</>
Create the fiscal year variant again <DS:TRAN.OB29>Proceed</> or
allocate a valid fiscal year variant to the company code
<DS:TRAN.OBY6>Proceed</>.

Error message extract from SAP system. Copyright SAP SE.