Cost center &/& does not exist

What causes this issue?

Cost center &V2& in controlling area &V1& does not exist or only exists
in the period prior to &V3&.

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 an existing cost center.
Alternately, create cost center &V2& for the period you require. In
this case you must create the document again after creating the cost
center. If you wish you can temporarily store the document and then
contine processing it after creating the cost center.

Error message extract from SAP system. Copyright SAP SE.