Invalid CO area determination for company code &

What causes this issue?

For company code &V2& you have defined method &V1& for assignment
between company code and controlling area.

System Response

This method does not exist. The SAP System cannot determine a
controlling area.

How to fix this error?

Define a valid assignment method in configuration for company code
&V2&. ("No cost accounting for company code &V2&" is also permitted).

Error message extract from SAP system. Copyright SAP SE.