How do I resolve the run error: "Income base required for component"?

How do I resolve the run error: "Income base required for component"?

This applies to all PaySpace editions.

The run error "Income base required for component" will display when the income base for the referenced component has not been configured.

      

      Navigate > Configuration > Payroll >  Payroll Config > Payroll Components

Step 1: Edit the affected component and select the "click here to add and company income base to this component" link.

      

Step 2: Define the Income base of on the Define The Income window and select "add income base" and save the component.