Posting period not allowed to be opened

What causes this issue?

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

System Response

You are no longer allowed to open posting periods for fiscal year &V3&,
since a migration took place for company code &V1& with the date &V2&.

How to fix this error?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.