The material ledger is active; you cannot initialize valuation area &

What causes this issue?

You have tried to initialize valuation areas by running the period
closing program. This is not possible since the material ledger is
active for a valuation area.

System Response

If the material ledger is active for at least one valuation area,
initialization is not possible with the period closing program.

How to fix this error?

If you want to initialize a company code that has been newly set up,
use <LS>Initialize company codes for materials management</>.
<DS:SIMG.SIMG_CFMENUOLMSOMSY>Proceed</>

Error message extract from SAP system. Copyright SAP SE.