No material management record exists for company code &

What causes this issue?

The period closing program has not yet run for company code &V1&. This
means that the control record without which a material master record
cannot be created does not exist.

How to fix this error?

Run the period closing program for company code &V1&. If you are not
authorized to do this, contact your system administrator.

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.