Assign a controlling area to company code &

What causes this issue?

Cost accounting is active for company code &V1& but no controlling area
has been assigned.

System Response

Postings where cost accounting is active can only be made after a
controlling area has been determined.

How to fix this error?

Either
deactivate cost accounting in company code &V1&
assign a controlling area to company code &V1&
Both of these operations are done via the configuration menu.

Error message extract from SAP system. Copyright SAP SE.