Cons group &1 is invalid or contains no cons units in period &2

What causes this issue?

You are attempting to enter a document with a two-sided posting in
consolidation group &V1&. However, this group does not exist in
dimension &V3&, or does not have any cons units in the current period (
&V2&).

System Response

A document cannot be entered.

How to fix this error?

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.