No currency and valuation profile assigned to controlling area &1

What causes this issue?

In the Customizing settings for
<DS:SIMG.V_FCML_MLCO_COFI>Multiple Accounting Principles in Controlling
(COGM)</>, an entry exists for company code &V1& and <LS>Excl. Update</>
= &V2&.

System Response

No <LS>Currency and Valuation Profile</> is assigned to controlling area
&V3&.

How to fix this error?

Please check the relevant settings in the
<DS:SIMG.SIMG_ORK3SM30_WAEHR>Assign Currency and Valuation Profile to
Controlling Area</> activity.

Procedure for System Administrators

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

Error message extract from SAP system. Copyright SAP SE.