Transactions shows "Project does not exist" next to Project field

Please check if the project is active.
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Once a project is marked as complete, you cannot add anything else to it. As it is complete, many of the procedures that look for open projects won't allow these to be selected therefore these will appear as "Project does not exist" when trying to add new items to them.
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The project will need to be made live again in order to add new items to it.