Account for production variances could not be found

What causes this issue?

No account "Production variances" could be found in Profit Center
Accounting for controlling area &V1&, valuation grouping code &V2&,
valuation type &V3&.

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?

<DS:SIMG.SIMG_CFMENUORK1Z042>Check</> account determination.

Error message extract from SAP system. Copyright SAP SE.