Regarding PO Creation for a new plant

Dear MM expets,
In IDES Version I have created a new company code, plant and done the necessary configuaration settings and assignments.
When I am trying to raise a PO, It is showing Earror message
"Account assignment mandatory for material XXXX"
Earror message no: ME062
Diagnosis:
" There is no provision for value based inventory management for this material type in this plant.  Account assignment is thus necessary"
Please explain me, why im getting this message,
thanks in advance,

Hello Mr.Sairm,
Thanks alot for your answer, My problem got solved,
I have checked the customization checking for the material types,
In Quantity/Value updating field,
"By valuation area" is selected as default selection for both quanity and value,
Now I have selected "By valueation areas" for both quantity and value
Now my PO accepting me to raise a po for standard NB document type, without
asking any account assingment category.
Can u expalin me what exactly the difference between default setting and my present setting.
Any way once again thanks alot,
Can you give me your contact number?
Bye,
Govardhan,Vadlapatla.

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