GL account hierarchy does not exist; check the provided default value

What causes this issue?

You want to analyze costs in the <ZK>Detailed Cost Analysis</> view.
However, no data is shown since you have not provided a valid default
value for the GL account hierarchy. The GL account hierarchy that you
have entered in your user profile does not exist.

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?

IF &[SWITCH]S4H_DOCU_ON_PREMISE& = 'X'.
You have provided a default value for the GL account hierarchy in your
user profile under <LS>System --> User Profile --> User Data</>.
However, the value that you have entered manually on the <LS>Parameters
</> tab page for the SET/GET Parameter ID <LS>FCOM_GL_ACCT_HIER</> is
not valid.
Please check your entry and provide an existing GL account hierarchy as
a default value.
ENDIF.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.