Profit center &1/&2 does not exist for &3

What causes this issue?

The profit center does not exist in master data table CEPC for the date
specified.

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?

Check your entry. If necessary, you must create the profit center
for the date required.

Error message extract from SAP system. Copyright SAP SE.