Not necessarily…….one thing you can try is to remove the drive as a backup destination in System Preferences. I would then restart the Mac and then go and add it back in as a Time Machine destination. This might refresh everything for you and allow you to continue with regular TM backups using your existing backup volume, without creating a fresh one.
I also found that simply rebooting the Time Capsule was enough to get things back on track (try this first).
Give the above a try and let us know how it works for you.
Hope it helps.