Controlling area & does not exist

What causes this issue?

You have entered controlling area &V1&, but this has not been created
yet.

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?

Set up this controlling area using the relevant customizing functions,
or
Correct your typing error.

Error message extract from SAP system. Copyright SAP SE.