You can set up a product version number rule to have a new version number automatically defined based on a format that can have constants and variables.
Example: Your format is V-XX. As a result, on the first release, the product gets version number V-01.
Steps
Go to Product engineering > Setup > Product version number rule.
Click New.
In the Name field, type a value.
In the Number Rule field, select 'Auto'.
To define the format, you can use:
Constants: You can use any letter, number, or symbol to define a constant, except for #.
Variables: Use the # symbol to define a variable.
In the Format field, type a value.
Close the page.