Posting key missing in account determination key &1

What causes this issue?

You are using the functionality 'Balance Sheet Accounts in Profit
Centers'. No posting key could be found for account determination key
&V1&

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?

Enter posting keys for credit and debit postings for account
determination key &V1&.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.