This error occurs when the contra account set for journals is incorrect. Check which account is in use:
Click Financials, then click Transactions, then click Journal.
Select the currency for the transaction.
Click Options.
Select Post Balance to Contra Account.
Click Summary.
Note the account shown in the Contra Account field.
Possible reasons for the error are:
It is inactive.
It is the wrong currency.
The default is found in the currency defaults within the System area, under the currency for the transaction. The Nominal bank account is used as the default contra account and changing it to an existing one of the same currency will solve the problem.
It does not exist.
As above, check the currency default and compare the value held in the default bank account with the nominal ledger accounts. Changing it to an existing one of the same currency will solve the problem.