Controlling area & is incomplete

What causes this issue?

Controlling area &V1& has not been maintained completely. You can only
enter control parameters for actual postings if the following are
defined for the controlling area:
Dummy profit center
Standard hierarchy
Currency type

System Response

You cannot create new entries.

How to fix this error?

Define the above parameters for controlling area &V1&.
To do this, see <DS:SIMG.SIMG_CFMENUORK10KE5>Controlling area</>
in Customizing for Profit Center Accounting.

Error message extract from SAP system. Copyright SAP SE.