Assign a chart of accounts to the controlling area

What causes this issue?

You want to create a cost element in a controlling area for which a
chart of accounts has not yet been assigned. This is not possible.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Assign a chart of accounts to the controlling area in configuration.

Error message extract from SAP system. Copyright SAP SE.