Controlling area does not exist.

What causes this issue?

The "controlling area" characteristic was not supplied with values,
although either the "profit center" characteristic or the "cost enter"
characteristic is supplied with values. The system was also not able to
derive the controlling area from the company code.

System Response

The supplied data are not updated.

How to fix this error?

Either supply the "controlling area" characteristic with values, or
make sure that the system can determine the controlling area using the
company code.

Error message extract from SAP system. Copyright SAP SE.