None of the selected business places exists for company code &1

What causes this issue?

The business places must be defined in Customizing and assigned to the
company codes. None of the selected business places has been assigned to
company code &V1&.

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.