SharePoint Troubleshooting: The default termstore for this site cannot be identified
Error message
The default termstore for this site cannot be identified
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Scenario
The above mentioned problem can occur while trying to add a new site column or new column in a library of type Managed Metadata.
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if admin of a SharePoint site select option "Customize your term set" under the setting Term Set Settings and default termstore settings are not check in Manage Metadata service application, it will not allow admin to add customize settings for Term Set.
Solution:
Go to Central Administration --> Manage Web Application --> Manage Service Applications
Select Manage Metadata Service
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Select Properties from top ribbon, a dialogue will appear.
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Select the option "This service application is the default storage location for column specific term sets."
Click Ok and now you can add Termstore Settings for new column.