Creating Wage Types

I have come across a good number of questions during the interviews on Wage Types.So here are the basic steps in creating a wage type.All the below steps are not mandatory, depending on the kind of wage type you wish to create.

1.Look at Existing Wage Types
2. Copy an Existing Wage Type
3. Maintain HR Payees and Creditors
4. Select the Symbolic Account for Your Wage Type
5. Test Your New Wage Type

Here is an indetail process