Consignment stock for stge loc. & does not exist yet

What causes this issue?

You have attempted to call up data on the consignment material for
processing. However, the data does not exist yet in storage location
&V1&.

How to fix this error?

INCLUDE NA_EINGABE_PRUEFEN
INCLUDE NA_EINGABE_FALSCH
If your entry is correct, you first need to create a consignment price
segment and a consignment stock record for the material in storage
location &V1&.

Error message extract from SAP system. Copyright SAP SE.