The carryforward transaction type for standard trans.type & is missing

What causes this issue?

The carryforward transaction type is not defined for standard
transaction type &V1&.

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?

Standard transaction type &V1& defined under classification key 'BWD'
is either not defined as a transaction type, or no carryforward
transaction type is allocated.
Complete the definition as deemed necessary.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.