Settlement profile & does not exist

What causes this issue?

The system has found a settlement rule that is assigned to settlement
profile &V1&. However, this settlement profile does not exist.

How to fix this error?

Check whether settlement profile &V1& has been deleted by mistake. You
can create the settlement profile as new or choose "Goto -> Settlement
parameters" to assign the settlement rule to a different settlement
profile.

Error message extract from SAP system. Copyright SAP SE.