LIFO valuation not defined

What causes this issue?

LIFO valuation has not been defined in the system settings.

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?

Your system administrator has to activate balance sheet valuation
(valuation of stocks for balance sheet purposes) in Customizing.
<DS:TRAN.OMWE>Proceed</>

Error message extract from SAP system. Copyright SAP SE.