CO object &1 does not exist in the selected time period

What causes this issue?

CO object &V1& does not exist in the specified period.

System Response

The BAPI is not processed.

How to fix this error?

Enter a time period in which the CO object &V1& exists, or
Select a different CO object.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.