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This is available in Balance & Reset section of the timeoff policy.

Used to specify how the policies time off balance needs to be determined.

Set to:
This is used to provide an initial balance or starting balance in any timeoff policy which can be used to book timeoff.

Carry up to:
Web Timesheet will use the previous policies end balance & use that as the new policy's starting balance, but only up to the limit you specify.

Select whether the amount of time off should reset, at what frequency, and to what value.

Set to:
After the reset, the policy's balance will be set to the value you enter.

Carry up to:
After the reset, the policy's existing balance will be retained, but only up to the limit you enter.