What causes this issue?

The material master data has not yet been maintained in plant &V1& from
the accounting viewpoint. However, it is necessary for the master record
to have been maintained by this view in order for the transaction to be
posted.

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?

Maintain the accounting data for the material if you are authorized to
do so.
IF &[SWITCH]S4H_DOCU_ON_PREMISE& = 'X'.
Choose the options "Logistics" -> "Materials management" -> "Material
master record" from the main menu.
ENDIF.

Error message extract from SAP system. Copyright SAP SE.