Material control record missing in company code &

What causes this issue?

The plant is assigned to company code &V1&. For this company code, the
system could not determine a <DS:GLOS.control_record>material control
record</>.
Among other things, the material control record determines the current
posting period in the company code.

System Response

It is not possible to enter the transaction/event.

How to fix this error?

INCLUDE NA_SYSADMIN1


Action to be taken by the system administrator
Run the period closing program for the company code.
To do this, choose <LS>Other -> Close period</> from the Material
Master menu.
<DS:TRAN.MMPV>Proceed</>

Error message extract from SAP system. Copyright SAP SE.