Period &/& is not open for account type & and G/L &

What causes this issue?

Period &v1& of fiscal year &v2& does not exist in table T001B either in
period 1 or in period 2 of a table entry with record type "0", the
selected company code, the account type &v3& and the G/L account &v4&.
The period is therefore not open.

System Response

Processing cannot be continued.

How to fix this error?

Check table T001B for record type "0", the selected company code,
account type &v3& and G/L account &v4&. If required, make sure that an
entry is made in the table or an interval is changed.

Error message extract from SAP system. Copyright SAP SE.