Company code & requires business area for determining the CO area

What causes this issue?

For company code &V1& cost accounting is carried out on the business
area level according to the organizational structure of your firm. A
business area must exist before a controlling area can be determined.

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?

Enter a businesss area.

Error message extract from SAP system. Copyright SAP SE.