Not possible to determine account for sales order or project stock

What causes this issue?

You wish to create an item that is to be subject to value-based
inventory management as individual stock (project or sales order
stock). A stock account must exist for this purpose. However the
account determination process was unable to come up with the
appropriate stock account. In this case, the account cannot be entered
manually.

System Response

The item cannot be created.

How to fix this error?

Check your input. If all entries are correct, contact your system
administrator.

Error message extract from SAP system. Copyright SAP SE.