No bus. place or sect. code found for object &1 for val. period &2 - &3

What causes this issue?

During a posting activity, the system checks if there is a business
place and a section code assigned to the objects in the contract. You
received this error message, because either the business place or the
section code has not yet been set for the given object for the given
validity period.

System Response

The system terminates the posting process.

How to fix this error?

Enter the business place and/or the section code in the master data (for
example, in the master data of a building), on the relevant tab page.

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.