Cost element & does not exist completely in the period

What causes this issue?

You have entered cost element &V1&, but this cost element does not
exist for the total planning period.

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 cost element &V1& for the missing period, or
Shorten the planning period so that it lies within the validity period
of allocation cost element &V1&, or
Correct your typing error.

Error message extract from SAP system. Copyright SAP SE.