Depreciation area & is defined incorrectly

What causes this issue?

The derived depreciation area &V1& is defined incorrectly.
There is no reference area defined.

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?

Please check the Customizing for area &V1&.

Error message extract from SAP system. Copyright SAP SE.