Netting cycle is not defined; cannot be stored

What causes this issue?

The <GL:netting cycle>netting cycle</> which was entered has not yet
been defined.

System Response

Warning; the document has not been saved.

How to fix this error?

Check if you have entered the correct netting cycle.
To create a netting cycle, choose Logistics -> Exchanges -> Exchange
operations -> Netting -> Financials based netting -> Netting cycle ->
Create selection.

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.