Version &1 of CO area &2 is not assigned to any ledger (CoCode &3)

What causes this issue?

The <LS>Multiple Accounting Principles in Controlling (COGM)</> function
is not active for company code &V3&. Possible reasons are:
the corresponding business function FIN_CO_COGM is not active in the
system although there are entries in table FCML_MLCO; or
the Customizing settings for
<DS:SIMG.V_FCML_MLCO_COFI>Parallel Valuation of Cost of Goods
Manufactured</> contain entries, but not for all company codes of
controlling area &V2&. For example, entries are missing for company code
&V3&.

System Response

Please go to Customizing activity
<DS:SIMG.FINSV_VERSN_LD>Define Ledger for CO Version</> and enter the
missing data for version 000 of controlling area &V2&.

How to fix this error?

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

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.