Cost element list not available with this product cost collector

What causes this issue?

A product cost collector was selected which collects confirmations from
an external system (such as the Advanced Planner <(>&<)> Optimizer).
Cost elements cannot be shown here.

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.