No version data exist for fiscal year &

What causes this issue?

You want to plan version &V2& in fiscal year &V1& in controlling area
&V3&. However, you have not yet maintained a version for this fiscal
year.

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?

Maintain the version data for fiscal year &V1&
<DS:TRAN.OKEQ>Proceed</>, or
Correct your typing error.

Error message extract from SAP system. Copyright SAP SE.