Controlling area cannot be derived from company code &1.

What causes this issue?

The "controlling area" characteristic was not supplied with values.
Therefore, the system tries to determine the controlling area using the
company code. However, company code &V1& is not asssigned to a
controlling area.

System Response

The supplied data are not updated.

How to fix this error?

You have two options:
Supply values for the "controlling area" characteristic or
Make sure that a company code &V1& is assigned to a controlling area

Error message extract from SAP system. Copyright SAP SE.