The Report/Label Add New Settings screen Name field is used to assign a descriptive Name by which to refer to the saved report or label setting in the future (to run/print or edit it).
The default Name is "New". The default Name, as well as any other Local or Shared Setting Name, may be changed by selecting it and pressing [F3].
If a setting is changed for a Report or Label menu option that does not already have at least one Local or Shared saved setting, the default Name is Last Used.
If an existing saved setting is selected then saved again, run, or printed, it will also appear on the Saved Settings Screen with the Name = "Last Used - followed by the name of the saved setting".
See:
Report/Label Editor Contents
Report Manager Contents
Label Manager Contents