Often template columns define a time calculation, and parameters are required to create these.

If you have set up business rules in the workbook, these will usually be filled in. If not, you can choose the Time hierarchy and year level so that year-to-date calculations can be made.

If you have one date dimension with year and month levels, only that hierarchy needs to be configured. This is common with Analysis Services cubes when the Year > Quarter > Month structure is common. 

If you have two date dimensions, one with years and a second with months, then both must be configured. This is common with TM1 or IBM Planning Analytics cubes, which often have separate year and month dimensions.

In both cases, the configuration will automatically be set up for you if the Current Year and Current Month rules are set up in the Business Rules sheet.