John,
Yes, you can. It requires setting up several lines within the "Lines" section of the No. Series. Below is an example of Year - Month - Three Digit Code. You need to establish the Start Date as the first day of the month so it starts picking up the new series. You can set this up far in advance, just make sure you document it somewhere so you remember when it becomes time to do it again.

You need to be careful how many you produce within the month, as you'll see in the example, if I produce more than 1000 serial numbers it is going to go into the next month. You could adjust for this by adding an alpha character to create a separation.