Hi Sakthi,
Normally this error will come up when the value you entered does not exists in the master data.
ie, the Vendor Code, AccountCode, BankCode, CheckAccount.
If you are sure all of the above are correct, try check your
Administration-SystemInitialization-CompanyDetails-BasicInitialization
In the Default Bank, Default Account, Default Branch try to remove the values here.
I once encountered the same issue if the default bank is maintained here.
Regards
Edy