Posting failed; cost object not assigned for account &1

What causes this issue?

You have not defined the cost object for the account. Account &V1& is
defined as cost element. Hence, you must assign a cost center or order
to the account.

System Response

How to fix this error?

IF &[SWITCH]S4H_DOCU_CLOUD& = 'X'.
Contact your system administrator.
ELSE.
Assign a cost center or order to the account in the customizing
<LS>Manage Default Account Assignments</> under <LS>Controlling -> Cost
Center Accounting -> Actual Postings ->Manual Actual Postings -></>
<DS:SIMG.SIMG_CFMENUORKSOKB9>Manage Default Account Assignments</>.
ENDIF.

Procedure for System Administrators

IF &[SWITCH]S4H_DOCU_CLOUD& = 'X'.
You configure this setting in <LS>Manage Default Account Assignments
</>under <LS>Finance -> General Settings -> Journal Entries</>.
ENDIF.

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.