Error: Account number for transaction type vendor balance does not exist in Ax 2012

When posting a purchase order invoice, I faced an issue where system throws the following error message;

When checked thoroughly, it was found that error message was because of ‘Chart of Accounts’ not linked to‘Account structure’.

To link ‘Chart of Accounts’ with ‘Account structure’, refer the following path;

General ledger -> Setup -> Ledge

Once ‘Chart of Accounts’ is linked to‘Account structure’, this issue is sorted out.