Always specify a credit control area for company code &

What causes this issue?

Company code &V1& is not assigned to a credit control area. This means
that a controlling area must always be entered. If, when assigning the
control area to the company code, you specified that the control area
can be overwritten, you still need to enter a control area.

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

System Response

How to fix this error?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.