Scheduler settings defines the Cost centres, Cycle length of the schedule, Duration of the schedule, Start date of the schedules, Additional cost centres like Meal allowance , accurals for the schedule can be set-up for schedule using schedule settings.
Go to Admin -> Scheduler Setup -> Schedule Settings
To Create a new schedule setting click on Add New
In New Schedule Settings Choose
Name: Choose the profile name ( New name )
Cycle start date: Choose the date from when cycle date starts
Cycle length: Choose cycle length
Fill in all the appropriate details required for the new schedule