I created the /tmp/ledgersmb directory and that seemed to solve this issue. I was able to successfully create a company database. As a side note, I did get the following errors in Apache's error_log after submitting the last screen which created the new user.
[Sun Dec 04 23:06:25 2011] [error] [client 192.168.1.51] commit ineffective with AutoCommit enabled at /usr/lib/perl5/site_perl/5.14.2/LedgerSMB/DBObject/Employee.pm line 102., referer:
http://192.168.1.10/ledgersmb/setup.pl
[Sun Dec 04 23:06:25 2011] [error] [client 192.168.1.51] commit ineffective with AutoCommit enabled at /usr/lib/perl5/site_perl/5.14.2/LedgerSMB/DBObject/Admin.pm line 101., referer:
http://192.168.1.10/ledgersmb/setup.pl
[Sun Dec 04 23:06:29 2011] [error] [client 192.168.1.51] commit ineffective with AutoCommit enabled at scripts/
setup.pl line 642., referer:
http://192.168.1.10/ledgersmb/setup.pl