You may find that you would like to re-name an absence period to say closed after the year. You can do this by following the below steps:
Go to Configuration or Admin Settings and select Settings.
Click Module Setting and then click into HR.
Click into Absence Period Scheme.
Choose the Absence period that you like to rename by clicking into it.
If it's a previous year and you are unable to see it click Default.
Click Edit on the Right-hand side, then just click into the box you would like to edit.