Company code & has invalid fiscal year variant &

What causes this issue?

Fiscal year variant &V2& is assigned to company code &V1&, but this
variant does not exist.

System Response

Postings in company code &V1& are only allowed when the SAP System can
determine a posting period from the posting date with a valid fiscal
year variant.

How to fix this error?

Assign a valid fiscal year variant to company code &V1&.

Error message extract from SAP system. Copyright SAP SE.