Overview

Each year, the default value requires changing for fiscal and academic years. These same steps can be followed for all columns for creating default values. 

Below is a step by step guide on how to update your document library to automatically select the latest fiscal year when uploading new documents to your SharePoint site, these same steps can be followed to update the academic year as well. 

The instructions may look a bit different based on your sharepoint view: classic or modern.  The major difference is how you access the Library settings. Both versions are provided.  

Instructions

Start by going to your SharePoint site

Open your document library by selecting "Documents" on the left hand menu;

In the classic view, go to your Library Settings by selecting the Library ribbon tab at the top of the page;

In the modern view, go to your Library Settings by selecting the COG on the top right and then selecting Library Settings: 

Scroll down until you see the "Fiscal Year" column and click on it;

Scroll down the page until you see the different choices;

Add a new line below the ongoing option;

Add the new fiscal year, "2019-2020";

In the Default value option, update the fiscal year to the current one you've just added;

Once this is done, select OK and all documents added from now on will have the new fiscal year attached to them.