No funds center entered/derived in item &1 (&2/&3/&4)

What causes this issue?

The <LS>Funds Management</> component is activated in company code &V2&.
Consequently, a funds center needs to be entered manually or derived by
the system.
To derive a funds center, you can use the following elements: Company
code &V2& and account &V3&, or CO object &V4&.

System Response

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

How to fix this error?

Enter a funds center or do one of the following to ensure that the
system can derive the funds center from the assignments available:
Assign a funds center in the commitment item master record
Assign a funds center to the CO object

Error message extract from SAP system. Copyright SAP SE.