Cost center &2 does not exist

What causes this issue?

Cost center &v2& is not valid from &v1& to &v3& in controlling area
&v1&.
You can process the cost center, or use it as a template only if it is
valid in the relevant analysis period.
The error also occurs if you use a cost center group that contains cost
centers that are not valid in the selected analysis period.

System Response

The system stops processing.

How to fix this error?

You have the following options:
If the cost center does not exist, you can create it.
To do so, use <DS:TRAN.KS01>master data maintenance</>.
If cost center &v2& only exists in an inactive version, activate the
master data.
To do so, use the <DS:TRAN.OKEON>standard hierarchy maintenance</>.
Correct your entries.

Error message extract from SAP system. Copyright SAP SE.