Create fiscal year variant &

What causes this issue?

The fiscal year variant &V1& assigned to the combination of
company code or global company and ledger does not exist.

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?

Create the fiscal year variant in configuration or assign a valid
fiscal year variant to the combination in configuration.

Error message extract from SAP system. Copyright SAP SE.