3708957 - Error 'Hierarchy Area 1~ is invalid' while creating cost center using the app 'Manage Cost Centers - Old Version'

• Error 'Hierarchy Area 1~ is invalid' while creating first cost center using the app 'Manage Cost Centers - Old Version' to establish the cost center standard hierarchy in the system.
• The error occurs while creating the Cost Center in the Test system, and the same steps worked correctly in the development system.

SAP S/4HANA Cloud Public Edition

Hierarchy Area 1~ is invalid, cost center standard hierarchy, standard hierarchy, old version, manage cost centers - old version, create cost center, F1443A  , KBA , CO-FIO-CCA-MD-2CL , Master Data (Public Cloud) , Problem