Account determination not possible for deferred revenues

What causes this issue?

An error occurred during account determination for deferred revenues.
The account determination for company code &v1&, revenue account &v2&,
business area &v2& could not find an entry.

System Response

The system cannot continue processing.

How to fix this error?

Maintain an appropriate entry in posting area 1220.

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.