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How to make field that auto-populates a number in a sequence?

Question asked by on Oct 15, 2015
Hi! Need help to create a auto reference field in my CONTRACTS module. 

Each time I create a Contract I would like to assign a reference # to the contract. I would like it to auto-populate. 

For example, new contract created - field update 

CONTRACT ID = GC IO #XXXXX [starting at 10001]

I would like it to do more but this is a start. We are using SugarCRM Enterprise, Version (Build 1163)

Any insight is appreciated.