Unable to assign approval group for transactions

Summary:

While trying to upload the Transaction Approval Rule Template, we are getting the below error "User-Based Approval Rules","Transaction User Approval Rule",,"User name Receivables_Manager_Approval_Group doesn't exist. Enter an existing user name. (FUN-720467)". We have created "Receivables_Manager_Approval_Group" in "Manage Approval Groups" task and assigned it to one of the rules. Is this the correct approach?

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