No fiscal year variant defined for CO area &

What causes this issue?

For further processing, a fiscal year version is required. There is
none for controlling area &V1&.

System Response

No further processing possible.

How to fix this error?

Contact your system manager.
Action by system manager:
In the configuration menu, please maintain the fiscal year version for
controlling area &V1& ("Basic data" function).

Error message extract from SAP system. Copyright SAP SE.