Create the G/L account & first

What causes this issue?

You chose the function "Create primary cost element". Primary cost
elements/revenue elements must have an equivalent in FI, meaning the
account must already exist as a G/L account in FI. Account &V1& was not
created in FI, so you cannot create it as a primary cost element.

How to fix this error?

Check whether you need to create cost element &V1& as a primary cost
element and for what purpose it is to be used for.
If the cost element is to be assigned to accounts in FI, create a G/L
account in an FI company code.
<DS:TRAN.FS01>Manually create G/L account</>
If it is not to be assigned to FI accounts (additional CO costs), it
suffices to create the G/L account as a chart of accounts item.
<DS:TRAN.FSP1>Create G/L account in chart of accounts</>
You can create the cost element as a secondary cost element in CO. This
does not require an equivalent account in FI.

Error message extract from SAP system. Copyright SAP SE.