Valuation type & not defined

What causes this issue?

No <GL:valuation_type>valuation type</> exists for the specified
<GL:valuation_area>valuation area</> of the material.

System Response

The system has determined a valuation type for the relevant valuation
area or valuation category for the specified material.
With regard to the valuation type, the system has checked:
whether external orders are allowed, and
whether the valuation type is allowed in the system.


&WHAT_TO_DO& (system administrator)
Check in Customizing whether valuation type &V1& has been maintained
correctly.
<DS:SIMG.SIMG_CFMENUOLMWOMWC>Set up split valuation</>

Error message extract from SAP system. Copyright SAP SE.