Yes. You still need to carry out the leave balance transfer.
Even if you do not wish to transfer the previous year's balance, in order for the system to correctly calculate the leave balance for the current year, you need to carry out the transfer but for the field 'Leave balance to be brought forward to the new year:’
select the second option and under the drop-down list select 0. This is so that no extra balance from the previous year will be transferred.
After that, click begin.
After carrying out this process, the leave balance for next year should be correctly displayed.