No master data found for item &1

What causes this issue?

The master data of <DS:GLOS.3526B792AFAB52B9E10000009B38F974>item</>
&V1& does not exist in consolidation chart of accounts &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?

Check the master data of the item or use a different chart of accounts
in Consolidation Customizing.

Error message extract from SAP system. Copyright SAP SE.