You have not yet created a profit center standard hierarchy for COAr &

What causes this issue?

The <GL:standard_hierarchy>standard hierarchy</> for cost centers has
not yet been created for the profit center.

System Response

The system cannot continue processing. The maintenance transaction for
the standard hierarchy is terminated.

How to fix this error?

Create the standard hierarchy under the profit center settings for
controlling area &V1&.

Procedure for System Administrators

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.