For cost center &/& no cost collector has been defined at &

What causes this issue?

You worked on cost center &V2& in controlling area &V1&. No cost
collector has been defined for this cost center. Check by viewing the
cost center in table CSKS. Select the controlling area and the cost
center and display the cost collector as well.

System Response

Posting or selection of CO objects is not possible without a cost
collector.

How to fix this error?

The error is probably linked to importing Release 1.2A and converting
the CO data. The SAP System is functional again once the update level
is imported and the data is sucessfully converted.
If termination occurs for any other reason, an internal system error
hasoccurred. Contact the SAP hotline service.

Error message extract from SAP system. Copyright SAP SE.