Valuation type & & not maintained for material

What causes this issue?

Valuation area &V1& does not have the valuation type &V2& for this
material.

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?

Create the material master record for valuation type &V2&.

Error message extract from SAP system. Copyright SAP SE.