No profile has been assigned to controlling area &1

What causes this issue?

No currency and valuation profile has been assigned to controlling area
&V1&. Before you can activate a profile, you must assign it to a
profile.

How to fix this error?

You assign profiles to controlling areas in Customizing under
"Controlling -> Controlling General -> Multiple Valuation
Approaches/Transfer Prices -> <DS:SIMG.SIMG_ORK3SM30_WAEHR>Assign
currency and valuation profile to controlling area</>.

Error message extract from SAP system. Copyright SAP SE.