There is no record in logical inventory table OIA07 for material &

What causes this issue?

The system could not find any entry in the Logical Inventory Valuation
Table OIA07 for the material number &V1& which was entered.
This may happen because no exchange-related material postings have been
made for this material, or the material posting indicator in the
exchange header is set to external postings and therefore no entries in
the LIA valuation table have been made.

System Response

Depending on the LIA financial document type indicator and the LIA
checkindicator in <GL:Customizing>Customizing</> Table TOIAU, the
system responds with a warning or an error.

How to fix this error?

Check if you have entered a correct material number.
Check the entries in the exchange header. Check the movement documents
assigned to the exchange for this material.

Error message extract from SAP system. Copyright SAP SE.