SAP Message >3037 - No contract account exists for business partner &1

Diagnosis
The system could not find a contract account for the business partnerV1 specified.

System Response
To be able to post documents within the FI-CA application, a contractaccount is normally required. Since such an account is missing here,processing for this business partner cannot be continued.

Procedure
Check the business partner (if necessary creating a contract account)or select a different business partner.