Cost accounting is not active in company code &

What causes this issue?

No controlling area assignment type was defined for company code &V1&.
Postings from FI are not updated in CO.

How to fix this error?

To update the FI postings in CO, you must assign a controlling area to
company code &V1&. To do so, use controlling area maintenance.

Error message extract from SAP system. Copyright SAP SE.