Carryover formula does not work when employee hire date is in December

Summary:

In front loaded annual accrual plan, when employee hire date is in December the carryover formula doesn't work.

Content (required):

We have front loaded accrual plan and to define accrual limit we have created accrual formula. The balance frequency is set as repeating period. It works perfectly fine for all employees except in a scenario where employee hire date is in December. Nothing is carried over to January next year. We tried with the sample accrual formula given in document also and still it does not work. So definitely issue is not with the formula.

Version (include the version you are using, if applicable):