Cost element & & does not exist on &

What causes this issue?

Cost element &v1& in controlling area &v2& is not available on &v3&.

System Response

Processing for this period is terminated.

How to fix this error?

You can create the cost element using the standard master data
transaction for the period in question.

Procedure for System Administrators

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

Error message extract from SAP system. Copyright SAP SE.