The material does not exist in valuation area &1

What causes this issue?

The material has not yet been assigned to a
<DS:GLOS.3526C0D5AFAB52B9E10000009B38F974>valuation area</>. As a
result, no valuation-area-specific data exists yet for this material.

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

Error message extract from SAP system. Copyright SAP SE.