CO account assignment key &1 is not valid in company code &2

What causes this issue?

No CO account assignments could be determined in company code &V2& for
CO account assignment key &V1&.

System Response

Processing is cancelled

How to fix this error?

Check and correct your entries if necessary

Procedure for System Administrators

If a simple input error is not the cause, check the system settings and
change them if necessary. If a link to a Customizing system has been
maintained, you can maintain the system settings with <PF>Maintain
entries</> (<PF>F5</>).

Error message extract from SAP system. Copyright SAP SE.