SAP Message VAL601 - No book value exists for the position on &1

Diagnosis
You wish to carry out a manual valuation for the position on &V1&. Toenable this, book values must have been defined in the system as at &V1&
.
Currently there are no book values in the system for this position.

System Response
The valuation cannot be carried out.

Procedure
Define a book value for the position as at &V1& .