Company code can not be determined for cost center &/&

What causes this issue?

To check the validity of the company code of cost center &V1& and the
person concerned, you must first specify the company code of the cost
center. An error occurred in this procedure.

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?

Check whether cost center &V1& has been completely created and whether
a company code has been assigned.

Error message extract from SAP system. Copyright SAP SE.