Error while create receivable activity "please define a party tax profile for Operating Unit ORG_ID"

Issue:

While creating Receivable activity encounter below error,

"please define a party tax profile for Operating Unit ORG_ID"

Solution:

To implement the solution, please execute the following steps:
 
Responsibility: Tax Managers
Navigation: Parties > Party Tax > Profiles

1.Query:
    Party Type: Operating Unit Owning Tax Content
    Party Name: Populate your Operating Unit Name
2. Click on GO
3. Click on Create Tax Profile and then
4. Click only Apply button without doing anything
You should have a result to this query.
If you do not, make sure you create a Party Tax Profile for your operating Unit of the Type: First Party Legal Entity.
Verify the each component of location address associated with your organization is valid