Asset class & already exists (Enter another class)

What causes this issue?

You want to create asset class &V1&. This asset class already exists.

How to fix this error?

If you want to create a new class, you must allocate a new number.
If you want to change the class, choose menu bar Asset class --> Change
If you just want to create a new chart of depreciation for asset class
&V1&, press F8 for 'Create chart of dep.'.

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.