Account assignment not possible until object &1 is released

What causes this issue?

You are trying to assign an object to account that has not been released
for account assignment.

System Response

The system cannot carry out the account assignment.

How to fix this error?

Release the object for postings.
To do this, go to the master data processing screen and carry out the
activity there. Contracts are automatically released for account
assignment when they are released. If you have to carry out account
assignment on a contract that is not yet active, you can release the
contract in the master data dialog in the same way as you release other
objects. This does not mean that the contract automatically takes part
in periodic postings, but you can still assign costs and revenues to it.

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.