Possibility to add custom Repeating Time Periods with period usage for time entry and approval in Ti

Summary

Possibility to add custom Repeating Time Periods with period usage for time entry and approval in Time and Labor.

Content

Dear experts,

I am in the process of setting up Time and Labor Time card layout and processing according to the customer requirements.
They want to use monthly time period for time capture and approvals.

I got stuck with the following issue:

I cannot create custom monthly repeating time period with period usage for time entry and approval.

I have created custom one and I managed to set it as a period for time entry.
I was able to get working layout with monthly period but I couldn't  even save it due to system error message.