Customizing error: No condition type for cost-based CO-PA (account &1)

What causes this issue?

You need a condition type for cost-based accounting. Due to a wrong
configuration there is no condition type available for this accounting
line.

System Response

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 that the parameter "Post Business Volume Accounting" in the
customizing of the settlement process type is set to "Using Pricing".

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.