Cost center &2 does not exist

What causes this issue?

Cost center &v2& has not been created in controlling area &V1&. The
cost center must exist in the SAP System before you can process it or
use it as a reference.

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 entries, or create the cost center.

Error message extract from SAP system. Copyright SAP SE.