Controlling area & is not assigned to any company

What causes this issue?

An order must be assigned to a company, as well as to a controlling
area. If you only enter one of the two, the system tries to determine
the other from your input.

System Response

Controlling area &v1& is not assigned to any company.

How to fix this error?

Either assign <DS:TRAN.OKKA>controlling area</> &v1& to one or more
companies, or select a different controlling area.

Error message extract from SAP system. Copyright SAP SE.