For more details on step by step to create Payment Period go to this link How to Create Payment Period?
5.1.2 Payment Period Setting
Location: Payroll -> General Setting-> Payment Period Setting
Payment Period Code
Enter the Code of the new Payment Period in the column here.
Payment Period Description
Enter the Description of the new Payment Period in the column here.
Different Payment Period
Enter name of each Period here. If it is Month End or Back Pay Period, please tick the bullet circle.