Once you create your organization, you will get a wizard to define your HR calendar.
The default year is set from 1st January to 31st December, but you have the ability to change it in the initial wizard. Once you change the calendar year using this wizard the new company year will be started by default.
When a new year is about to start, you can simply navigate to Admin -> Organization -> Calendar -> Year
Select the ‘Add Year’ button
Add year button
Give your company year a unique name
Select the start and end date to complete the process.
Add New Calendar Year Form
Click on the 'Add' button to complete