Archive & cannot be read

What causes this issue?

The system cannot read the sequential archive file &V1&. Possible
causes:
The file does not exist.
An error occurred when the file was opened.

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?

INCLUDE NA_SYSADMIN1

Error message extract from SAP system. Copyright SAP SE.