Version type &1 does not exist

What causes this issue?

Version type &v1& does not exist.

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?

Procedure for System Administrators

You can maintain a version type in the Implementation Guide (IMG) in
the following activites:
Logistics - General -> Material master -> Specialization and Versioning
-> <DS:SIMG.MGV_C_VTYPECUST_WRK>Maintain version type</>.

Error message extract from SAP system. Copyright SAP SE.