Missing Ringtones Folder in iTunes

I have a 3 day old iPhone 4. I'm using the RMaker app to create ringtones. It requires the ringtone to be moved to the 'Ringtones' folder in the Library, but I don't have that folder. I also do not have a Ringtones folder in my iPhone (when it is synced to iTunes)...where is this folder please? Is it possible to create it?

Many thanks for any advice!