No master record could be found for account &

What causes this issue?

The system could not find a master record for account &V1& in company
code &V2& (chart of accounts &V3&).

System Response

The account was not transferred to Profit Center Accounting.

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.

Error message extract from SAP system. Copyright SAP SE.