Cost element &1 does not exist in controlling area &2

What causes this issue?

Cost element &V1& was not created in controlling area &v2&.
To process a cost element or use it as a reference, it must already be
defined in the SAP System.
It could also be that the cost element is not valid in the current
analysis period.

System Response

Processing is terminated.

How to fix this error?

Create cost element &V1&, extend the validity period for the cost
element or correct your entries.
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Error message extract from SAP system. Copyright SAP SE.